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How much interest is paid over the life of the loan

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Reference no: EM131137518

For the loan in Problem 12, determine the monthly interest for the first and second months and the outstanding principal at the end of the first and second months.

In Problem 12, determine the monthly payment for a sixty-month truck loan with an annual percentage rate of 11% and an initial principal of $17,000. How much interest is paid over the life of the loan?

Reference no: EM131137518

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