A loan’s quirky terms require the first payment to be made at the moment the money is lent.

| September 14, 2016

Question
A loan’s quirky terms require the first payment to be made at the moment the money is lent. Payments are $80 every month, the monthly interest rate is 1.5%, and the loan is paid off in equal payments over 5 years. How much money was borrowed? Answer and round to the nearest cent.

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