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What would be dave first monthly loan payment

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Question - Assume Dave borrowed $200 on his personal line of credit. Interest is charged at a rate of 9 percent, but calculated on a daily basis. Dave is required to pay a minimum of 4 percent of the remaining loan balance every month. What would be Dave's first monthly loan payment? Assume a 30-day month and a 365-day year.

Reference no: EM133109914

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