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You purchase a car costing $18,000 by paying $2,000 down and financing the remainder today. The bank charges an annual interest rate (i.e., an APR)

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You purchase a car costing $18,000 by paying $2,000 down and financing the remainder today. The bank charges an annual interest rate (i.e., an APR) of 6% on this loan. The loan is to be paid back in equal monthly installments over a period of 5 years, with the first payment due one month from today. What portion of the 2nd month's payment goes towards reducing the debt

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