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Using theory of interest to solve (1 point) Ralph has just borrowed 1580...

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Accounting

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Using theory of interest to solve

(1 point) Ralph has just borrowed 1580 dollars to purchase a new stereo, at a nominal rate of interest of 11.2 percent convertible monthly. Although he is charged interest from the moment he borrows the money, the first payment is not due for 11 months. If he will make 24 monthly payments, how much interest is in the 17 th payment? Answer = dollars. (1 point) Ralph has just borrowed 1580 dollars to purchase a new stereo, at a nominal rate of interest of 11.2 percent convertible monthly. Although he is charged interest from the moment he borrows the money, the first payment is not due for 11 months. If he will make 24 monthly payments, how much interest is in the 17 th payment? Answer = dollars

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