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For a fixed principal repayment note with an 8% interest rate and monthly payments, use the following codes to explain how interest expense is

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For a fixed principal repayment note with an 8% interest rate and monthly payments, use the following codes to explain how interest expense is calculated. C=cash payment E=interest expense R=reduction of principal = P principal balance O Rx8 % x 1/12 O RX8% OR+C O Px 8% x 1/12

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