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You take an amortized loan for $11,000. Your monthly payments are $670. The loan has an annual interest rate of 11%, where the interest is
You take an amortized loan for $11,000. Your monthly payments are $670. The loan has an annual interest rate of 11%, where the interest is compounded monthly. When you make your first payment, how much of your payment will go toward interest and how much will go toward principal?
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