You have taken out an amortized loan of $15,000 with an interest rate of 7.85%,...
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You have taken out an amortized loan of $15,000 with an interest rate of 7.85%, compounded monthly. The loan is to be paid back in 24 (equal) monthly installments. - What is the amount of each monthly installment? - What will be the principal payment made in the fifth month? - What will be the interest payment made in the fifth month?
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