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A bank customer is granted credit for a $2,000 loan at 10% to be repaid in 12 equal installments.
-If the loan is a discount loan, what is the monthly payment?


Definitions:

Elastic

describes a situation where the quantity demanded or supplied changes significantly in response to price changes.

Total Revenue

The entire amount of income generated by the sale of goods or services before any expenses are deducted.

Price Lowered

A reduction in the cost of goods or services.

Total Revenue

The total amount of money a firm receives from sales of its products or services before any expenses are subtracted.

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