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you take a one year installment loan of $1000 at an interest rate of 12% per...

you take a one year installment loan of $1000 at an interest rate of 12% per year (1% per month) to be repaid in 12 equal monthly payments.

a. what is the monthly payment

b. what is the total amount of interest paid over tge 12 month term of the loan?

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