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Annual interest rate compounded monthly

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How much interest is to be paid in the second year of a 6-year loan of $100,000 with payments occurring at the end of each month, and a 6% annual interest rate compounded monthly?

Reference no: EM131947637

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Annual interest rate compounded monthly : How much interest is to be paid in the second year of a 6-year loan of $100,000 with payments occurring at the end of each month
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