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25 July, 10:46

Solve for the amount of monthly interest that is owed on an interest-only loan based on the following facts: Loan amount $115,000, annual interest rate of 7%? $575, $671, $767, or $7,475?

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  1. 25 July, 11:58
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    The amount of interest owed is $115,000*0.07/12 ≈ $671.
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