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OpenStudy (anonymous):
Is my answer correct?? You take out an amortized loan for $5000 at an interest rate of 12% for four years. Your monthly payments are $131.67. How much of the first monthly payment will go toward interest? is it $50??
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ganeshie8 (ganeshie8):
correct !!
OpenStudy (anonymous):
Yes, you're correct. To calculate the interest, you multiply the principal by the monthly interest, which is 1%.
OpenStudy (anonymous):
thank you!
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