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PROBLEM 1 (12 pts.) Show calculations for the monthly repayment of a $50,000, 3-year loan that bears interest at 6%. The monthly payment is $1,521.

PROBLEM 1 (12 pts.) Show calculations for the monthly repayment of a $50,000, 3-year loan that bears interest at 6%. The monthly payment is $1,521. Show just the first three months. Round your answers to the nearest dollar. MONTH PAYMENT INTEREST REDUCTION OF PRINCIPAL REMAINING PRINCIPAL 1 2 3

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