A $8700 personal loan at 5.5% compounded monthly is to be repaid over a 4 year term by equal monthly payments.
a) calculate the interest and principle component of the 18th payment
b) how much interest will be paid in the third year of the loan?
a) calculate the interest and principle component of the 18th payment
b) how much interest will be paid in the third year of the loan?
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