Simple Loan Question


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Nov 7, 2019
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Philippines
Hi All,

Could you please help me answer this loan question?

Terms of Loan/Given:
1. Principal - $100,000 payable in 1 year
2. Interest - 1% per month deductible from loan net proceeds
3. Processing fee - 2% of loanable amount
4. Insurance fee - $200

Questions:
1. What is the loan net proceeds
2. What is the monthly payment

Thanks in advance to those who will answer
 
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