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1 . If Dave had borrowed $ 4 6 0 for one year at an APR of 8 percent, compounded monthly, what would have been

1. If Dave had borrowed $460 for one year at an APR of 8 percent, compounded monthly, what would have been his monthly loan payment? PMT___
Use Exhibit 1B-4.(Do not round your intermediate calculations. Round your final answer to 2 decimal places. Omit the "$" sign in your response.)
2. What would have been the breakdown between interest and principal of the fifth payment .
Interest___
Principal____

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