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A $9500 personal loan at 7.5% compounded monthly is to be repaid over a fouryear...

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Accounting

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A $9500 personal loan at 7.5% compounded monthly is to be repaid over a fouryear term by equal monthly payments. a. Calculate the interest and principal components of the 29 th payment. b. How much interest will be paid in the second year of the loan

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