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10. Consider a 3-year installment loan. The APR is 9%. Monthly loan payments are $640. In the 11th month, the beginning balance is $19,000. How

10. Consider a 3-year installment loan. The APR is 9%. Monthly loan payments are $640.

In the 11th month, the beginning balance is $19,000. How much of the $640 payment that month would reduce the principal of the loan?

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