If a family borrows $23,346 for an addition to their home, and the loan is to be paid off in monthly payments over a period of 10 years, how much should each payment be? (Interest has been included in the total amount borrowed.)
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If a family borrows $23,346 for an addition to their home, and the loan is to be paid off in monthly payments over a period of 10 years, how much should each payment be? (Interest has been included in the total amount borrowed.)
23,346 dollars / 120 months = 194.55 dollars/month
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