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Chris borrowed $ 2 0 0 , 0 0 0 to be repaid in 1 2 0 equal monthly installments, beginning one month from today.

Chris borrowed $

200, 000

to be repaid in

120

equal monthly installments, beginning one month from today. The interest rate on the loan is

8.50 %

APR, compounded monthly. How much interest on the loan will Chris pay in the third month? Show your work and highlight your final answers.

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