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State the loan balance just after the first payment

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Reference no: EM132990134

A loan of $267500 at 6.75% simple interest is paid with monthly payments of $1592.19.

Question (a) State the amount of the first payment which goes toward interest.

Question (b) State the amount of the first payment which goes toward reducing the principal.

Question (c) State the loan balance just after the first payment.

Reference no: EM132990134

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