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Your company has just taken out a 1-year installment loan for $72,500. The nominal rate is 12.0%, but with equal end-of-month payments. What percentage of

Your company has just taken out a 1-year installment loan for $72,500. The nominal rate is 12.0%, but with equal end-of-month payments. What percentage of the 2nd monthly payment will go toward the repayment of principal? please explain your work

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