Question: Consider a $ 15,000 loan with interest at 12 percent compounded monthly and 24 monthly payments. How much will the loan payment be? Set up

Consider a $ 15,000 loan with interest at 12 percent compounded monthly and 24 monthly payments. How much will the loan payment be? Set up an amortization schedule for the first four months, indicating the amount and timing of principal and interest payments. Discuss.

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