You are offered a line of credit that requires a minimal 3% repayment of principal...
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Accounting
You are offered a line of credit that requires a minimal 3% repayment of principal each month at an interest rate of 3,6%, compounded monthly. If you draw down $15,000 on the line, what will be the second month's payment?
a. $480
b.$460
c.$470
d. $450
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