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Calculating the payment on a line of credit. Assume Dave borrowed $500 from his personal line of credit. Interest is charged at a rate of

Calculating the payment on a line of credit.

Assume Dave borrowed $500 from his personal line of credit. Interest is charged at a rate of 5%, but calculated on a daily basis. Dave is required to pay a minimum of 5% of the remaining loan balance every month. What is Dave's first monthly loan payment? Assume a 30-day month.

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