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Given below is the principal owed on a student loan last month the annual interest rate and the way the minimum monthly payment is computed

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Given below is the principal owed on a student loan last month the annual interest rate and the way the minimum monthly payment is computed Find this month s minimum payment due Method for Calculating Minimum Monthly Payment finance charge 40 1 5 of principal Principal 23 700 Annual Rate 9 This month s minimum payment is Round to the nearest cent as needed CLIXE

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