How much will be the interest payment for the payment

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Question: Sam is paying $723.05 every month for his $20,000 house equipment. He did not make any down payment. The loan term was 18% APR compounded monthly. How much will be the interest payment for the payment he makes at the end of third month from the date of the purchase (at which the loan agreement was also made).

Reference no: EM132076009

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