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A woman borrows 6000 at 9% interest compounded monthly for 3 years with monthly payments. For tax purposes, she needs to know the amount
A woman borrows 6000 at 9% interest compounded monthly for 3 years with monthly payments. For tax purposes, she needs to know the amount of interest paid during the first year of the loan. Find the interest paid during the first year. [Hint: Start by finding the unpaid balance after the first 12 payments.] Please round your numerical answer to the nearest integer.
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