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Consider a 3 - year installment loan. The APR is 3 % . Monthly loan payments are $ 7 1 0 . In the 1

Consider a

3 -

year installment loan. The APR is

3 % .

Monthly loan payments are $

710 .

In the

16

th month, the beginning balance is $

48, 000 .

How much of the $

710

payment that month would reduce the principal of the loan?

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