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Far East Imports Inc. owes $ 6 4 0 0 0 . 0 0 to be repaid by monthly payments of $ 2 4 7

Far East Imports Inc. owes $

64 000.00

to be repaid by monthly payments of $

2475.00 .

Interest is

6.12 %

compounded monthly. What is the interest portion of the

1

st year payment?

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