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You have just arranged a two-year bank loan for $200,000 at an interest rate of 9% p.a. with interest compounded monthly. The loan will be

You have just arranged a two-year bank loan for $200,000 at an interest rate of 9% p.a. with interest compounded monthly. The loan will be repaid in equal monthly instalments and the first payment will be due one month from today. Assuming end-of-the-month cash flows, the principal repaid in the first month is closest to:

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