Charged interest from the moment he borrows the money

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Reference no: EM131117619

Ralph has just borrowed $1700 to purchase a new stereo, at a nominal rate of interest of 10.6% convertible monthly. Although he is charged interest from the moment he borrows the money, the first payment is not due for 7 months. If he will make 24 monthly payments, how much interest is in the 17th payment?

Reference no: EM131117619

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