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Consider a 3-year installment loan. The APR is 8%. Monthly loan payments are $790. In the 8th month, the beginning balance is $32,000. How much

Consider a 3-year installment loan. The APR is 8%. Monthly loan payments are $790. In the 8th month, the beginning balance is $32,000. How much of the $790 payment that month would reduce the principal of the loan?

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