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What was the size of the interest portion on first payment

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A design studio received a loan of $6,550 at 3.60% compounded monthly to purchase a camera. If they settled the loan in 2 years by making monthly payments, construct the amortization schedule for the loan and answer the following questions.

Problem a. What was the payment size?

Problem b. What was the size of the interest portion on the first payment?

Reference no: EM132771563

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