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Hello I need help understanding/solving this financial math problem, thank you! Joe negotiates an 8 year loan which requires him to pay 1200 per month
Hello I need help understanding/solving this financial math problem, thank you! Joe negotiates an 8 year loan which requires him to pay 1200 per month for the first 4 years and 1500 per month for the remaining years. The nominal interest rate is 13% convertible monthly, and the first payment is due in one month. Determine the amount of the principal in the 17th payment.
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