Question: A $ 9 , 5 0 0 personal loan at 7 . 5 % compounded monthly is to be repaid over a four - year

A $9,500 personal loan at 7.5% compounded monthly is to be repaid
over a four-year term by equal monthly payments.
a) Calculate the interest and principal components of the 29th
payment.
b) How much interest will be paid in the second year of the loan?

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