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THE NEXT TWO (2) QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: Erica takes out a $160,000 loan at 5% per annum, compounded monthly. The funds

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THE NEXT TWO (2) QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: Erica takes out a $160,000 loan at 5% per annum, compounded monthly. The funds are to be advanced on July 15. The first monthly payment is due September 1. Assume it is not a leap year. 15. What is the interest adjustment payment Erica will owe on August 1 if she is advanced the full loan amount on July 15? (1) $251.50 (2) $172.49 (3) $446.43 (4) $372.26

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