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A $50,000 loan is taken out on a boat with the terms 5% APR for...

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Finance

A $50,000 loan is taken out on a boat with the terms 5% APR for 36 months.

(a) What is the monthly interest rate?

Your monthly payment is equal to $1,498.54. What amount of interest expense is paid in the first repayment period (i.e., month 1)?

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