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A bank loans a family $90,000 at a 4.5% annual interest rate to purchase a house. The family agrees to pay the loan off by making monthly payments over 15 years. How much should the monthly payment be in order to pay off the debt in 15 years?
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You need to know the following knowledge to solve this word math problem:
- algebra
- geometric progression
- infinite geometric series
- arithmetic
- cube root
- basic functions
- exponential function
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