How much interest expense would be included in your first, Accounting Basics

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How much interest expense would be included in your first

Problem

Loan: $25,000.00 Rate: 5.9% for 6 Years

a) What is the monthly payment amount?

b) How much interest expense would be included in your first payment?

c) How much interest expense would be included in your last payment?

d) How much interest would you pay in total over the term of the loan?

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Accounting Basics: How much interest expense would be included in your first

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