A loans quirky terms require the first payment to be made, Financial Management

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A loans quirky terms require the first payment to be made

A loan's quirky terms require the first payment to be made at the moment the money is lent. Payments are $49 every month, the monthly interest rate is 0.65%, and the loan is paid off in equal payments over 4 years.

How much money was borrowed? Answer and round to the nearest cent.

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Financial Management: A loans quirky terms require the first payment to be made

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Financial Management: A loans quirky terms require the first payment to be made

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