Consider a 3-year installment loan. The APR is 3%. Monthly loan payments are $680. In the 15th month, the beginning balance is $19,000. How much of the $680 payment that month would reduce the principal of the loan? Note: Show your answer in units of dollars, use plain numbers with at least two digits after the decimal (e.g., for $12,345.67, type 12345.67). B

Consider a 3-year installment loan. The APR is 3\%. Monthly loan payments are $680. In the 15th month, the beginning balance is $19,000. How much of the $680 payment that month would reduce the principal of the loan? Note: Show your answer in units of dollars, use plain numbers with at least two digits after the decimal (e.g., for $12,345.67, type 12345.67 )