Find the amount of principal paid back in the second month

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Reference no: EM131545972

Suppose you take out $5,000 loan at the Bank of SUNY, to be paid off, with monthly compounding, two years (I.e. In 24 monthly installments). The interest rate on that loan is 24% per year.

1. Find the monthly installment.

2. Construct the amortization schedule for the first two months only, and find the amount of principal paid back in the second month.

Reference no: EM131545972

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