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How much of Payment will be interest

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Question - An annuity providing a rate of return of 5.6% compounded monthly was purchased for $53,000. The annuity pays $480 at the end of each month. How much of Payment 37 will be interest?

Reference no: EM133049392

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How much of Payment will be interest : An annuity providing a rate of return of 5.6% compounded monthly was purchased for $53,000. How much of Payment 37 will be interest
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