Loan at interest rate-convertible monthly

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Reference no: EM13976542

Suppose you take out a 8-year loan at an interest rate of 8.7 percent convertible monthly. You will make monthly payments, with your first payment coming in one month. Your first payment will be for 800 dollars, and your payments will increase by 21 dollars per month. How much interest is in the 11th payment?

Reference no: EM13976542

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