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Suppose you take out a loan of $ 20,000 now (n=0), with an annual interest rate of 12 % compounded monthly (LIP = one month).
Suppose you take out a loan of $ 20,000 now (n=0), with an annual interest rate of 12 % compounded monthly (LIP = one month). The loan has to be paid back in 12 end-of-month payments, with the first payment made one month from now. The monthly payment is $ 1,776.00. What is the interest payment included in the sixth payment
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