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A $10,000 loan is scheduled to be repaid in equal monthly installments at the end of each month for 36 months. The total interest to
A $10,000 loan is scheduled to be repaid in equal monthly installments at the end of each month for 36 months. The total interest to be paid over that period is $2,600. Each payment is made 15 days late with interest charged at the same effective annual rate of interest as the loan.
Assume that each year contains twelve 30-day months. In which of the following ranges is the additional interest charged each month?
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