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Calculate the interest portion of the fourth

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The following loan is fully amortizing. The loan is for $13,000 at 11% interest to be repaid over three (3) years. Amortize this loan on a monthly basis. Calculate the interest portion of the fourth (4th) payment considering that an additional payment of $2,000 was made with the second payment. (Read this carefully)

Reference no: EM131777846

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