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Advanced Placement (AP)
You Borrowed $18,000 At 7% Annual Interest, Compounded Monthly, And Your First Payment Is Due. The Payment
You borrowed $18,000 at 7% annual interest, compounded monthly, and your first payment is due. The payment is $120. How much of that payment is principal and how much interest? A.$15 principal, $105 interest B.$105 principal, $15 interest C. $0 principal, $120 interest D. $111.60 principal, $8.40 interest
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