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Ralph has just borrowed 1340 to purchase a new stereo at a

Question: Ralph has just borrowed $1340 to purchase a new stereo, at a nominal rate of interest of 10.8% convertible monthly. Although he is charged interest from the moment he borrows the money, the first payment is not due for 6 months. If he will make 24 monthly payments, how much interest is in the 17th payment?

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