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Ralph has just borrowed 1640 dollars to purchase a new stereo, at a nominal rate of interest of 12 percent convertible monthly. Although he is

Ralph has just borrowed 1640 dollars to purchase a new stereo, at a nominal rate of interest of 12 percent convertible monthly. Although he is charged interest from the moment he borrows the money, the first payment is not due for 8 months. If he will make 24 monthly payments, how much interest is in the 17th payment?

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