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A woman borrows $5000 at 9% compounded monthly, which is to be amortized over 3 years in equal monthly payments. For tax purposes, she needs
A woman borrows $5000 at 9% compounded monthly, which is to be amortized over 3 years in equal monthly payments. For tax purposes, she needs to know the amount f interest paid during each year of the loan. Find the interest paid during the first year, the second year, and the third year of the loan. [Hint Find the unpaid balance after 12 payments and after 24 payments.] The interest paid during the first year is $ (Round to the nearest cent as needed.)
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