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How much principal has been paid by the end of third month

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Problem

Sheila takes out a $20,000 loan over 3 years with a monthly repayment of $941.5, at an annual interest rate of 18% compounded monthly. You will need to calculate the first three months of the amortization (payment) schedule to answer. How much principal has been paid by the end of the third month?

Reference no: EM131975709

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