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Business, 28.11.2019 06:31 monnn91351

Phil takes out a loan of $100,000 to be repaid in 360 monthly installments. you are given that the first payment will be one month after the inception of the loan and that the e↵ective annual rate of interest is 10%. determine which payment will be the first where the amount of principal paid is more than two-thirds the amount of the interest paid.

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Phil takes out a loan of $100,000 to be repaid in 360 monthly installments. you are given that the f...
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