Solved: Determine the monthly repayment, Microeconomics

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Determine the monthly repayment

Problem

A person requests an immediate bank overdraft of $2000. The bank generously agrees to this, but insists that it should be repaid by 12 monthly instalments and charges 1% interest every month on the outstanding debt. Determine the monthly repayment.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: Determine the monthly repayment

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