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Ralph has just borrowed 1780 dollars to purchase a new stereo, at a nominal rate of interest of 11.2 percent convertible monthly. Although he is
Ralph has just borrowed 1780 dollars to purchase a new stereo, at a nominal rate of interest of 11.2 percent convertible monthly. Although he is charged interest from the moment he borrows the money, the first payment is not due for 10 months. If he will make 24 monthly payments, how much interest is in the 17th payment?
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