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QUESTION
A loan of $3150 borrowed today is to be repaid in three equal installments due in one year, three-and-a-half years, and six years, respectively.
A loan of $3150 borrowed today is to be repaid in three equal installments due in one year, three-and-a-half years, and six years, respectively. What is the size of the equal installments if money is worth 9.1 % compounded monthly?
