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10) You are offered a line of credit that requires a minimum 3% repayment of principal each month at an interest rate of 3.6% compounded

10) You are offered a line of credit that requires a minimum 3% repayment of principal each month at an interest rate of 3.6% compounded monthly. If you draw down $8000 on the line, what will be the second months repayment? a) 256 b) 264 c) 466 d) 329

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