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Amount of the first payment represents interest

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You purchase new vehicle on January 1, 2016. The vehicle has a cost of $25,000 and you finance the purchase with a monthly installment note payable. The note calls for five years of monthly payments starting on February 1, 2016 at a rate of 8 percent. Calculate the required monthly payment. What amount of the first payment represents interest.

Reference no: EM131093259

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