For tax purposes she needs to know the amount of interest


A woman borrows $6000 at 9% compounded monthly, which is to be amortized over 3 years in equal monthly payments. For tax purposes, she needs to know the amount of interest paid during each year of the loan. Find the interest paid during the first year.

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Finance Basics: For tax purposes she needs to know the amount of interest
Reference No:- TGS0641106

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