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Mathematics 12 Online
OpenStudy (anonymous):

Help? Tracy Finely obtained a loan of $2,500 to buy a computer and a printer. The interest rate is 8.5% and the monthly payment over 24 months is $113.64. How much of the first monthly payment covered principal? (Hint: Subtract the interest from the monthly payment. To find the interest, use the formula I = PRT.) A. $87.92 B. $100.34 C. $95.93 D. $108.40

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