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On the line of credit (LOC), Sharon withdrew 6 months ago $5,000 and have paid the required monthly principal repayment of 2% of the balance
On the line of credit (LOC), Sharon withdrew 6 months ago $5,000 and have paid the required monthly principal repayment of 2% of the balance outstanding, and an interest rate of 7%, compounded monthly, on any outstanding balance every month for the last 6 months. What would be their line of credit payment this upcoming month?
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