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Question
You have just taken out an installment loan for $100,000. Assume that the loan will be repaid in 12 equal monthly installments of $9,456 and that the first payment will be due one month from today. How much of your third monthly payment will go toward the repayment of principal?
a. $7,722
b. $6,359.12
c. $7,212.50
d. $7,925.88
e. $8,333.33
Answer
This answer is hidden. It contains 1209 characters.
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