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Question 8 A loan of L is to be repaid with 50 payments at the end of each month. Interest on the loan is charged

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Question 8 A loan of L is to be repaid with 50 payments at the end of each month. Interest on the loan is charged at a nominal annual rate of m convertible monthly, where m > 0. The outstanding balances immediately after the 8th and 29th payments are 2308.15 and 1345.50, respectively. Calculate the amount of interest repaid in the 15th payment. Give your answer rounded to the nearest whole number (i.e. x). Selected Answer: 42 Response Feedback: Incorrect! Question 8 A loan of L is to be repaid with 50 payments at the end of each month. Interest on the loan is charged at a nominal annual rate of m convertible monthly, where m > 0. The outstanding balances immediately after the 8th and 29th payments are 2308.15 and 1345.50, respectively. Calculate the amount of interest repaid in the 15th payment. Give your answer rounded to the nearest whole number (i.e. x). Selected Answer: 42 Response Feedback: Incorrect

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