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Katelyn plans to apply for a $10,000 loan at an interest rate of 5.6% for 5 years. Use the monthly payment formula to complete the statement.
P (r/12) (1+r/12) ^12t
M = (1+r/12) ^12t-1
M = monthly payment
Pe principal
ra interest rate
t = number of years
Rounded to the nearest cent, Katelyn's monthly payment
the loan is $
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