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You are offered a line of credit that requires a minimum 3% repayment of principle each month at an interest rate of 3.6%, compounded monthly.

You are offered a line of credit that requires a minimum 3% repayment of principle each month at an interest rate of 3.6%, compounded monthly. If you draw down $15,000 on the line, what will be the second months payment?

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$470

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