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QUESTION
If you borrow $500 that you agree to repay in 6 equal monthly payments at 1% interest per month on the unpaid balance, how much of each monthly
If you borrow $500 that you agree to repay in 6 equal monthly payments at 1% interest per month on the unpaid balance, how much of each monthly payment is used for interest and how much is used to reduce the unpaid balance?
