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Bob wishes to borrow some money. He need...

Bob wishes to borrow some money. He needs to defer to the following formula, where M is the monthly payment, r is the monthly decimal interest rate, P is the amount borrowed, and t is the number of months it will take to repay the loan :
`M = (rP)/(1-((1)/(1+r))^(t))`
If Bob secures a loan of `$4,00` that he will pay back in 36 months with a monthly interest rate of 0.01, what is his monthly payment ?

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