Please provide steps If Dave had borrowed $500 for one year at an...
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If Dave had borrowed $500 for one year at an APR of 5%, compounded monthly, what would have been his monthly loan payment? What would have been the breakdown between interest and principal of the fifth payment? Submit your final responses below. Monthly loan payment: $ The components of the fifth payment would be: Interest = $ = Principal = $ If Dave had borrowed $500 for one year at an APR of 5%, compounded monthly, what would have been his monthly loan payment? What would have been the breakdown between interest and principal of the fifth payment
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