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What will be the second month payment

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Reference no: EM132567062

Question - You are offered a line of credit that requires a minimum 3% repayment of principle each month at an interest rate of 3.6%, compounded monthly. If you draw down $8,000 on the line, what will be the second month's payment?

a. $256

b. $329

c. $264

d. $466

Reference no: EM132567062

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