Question: I am borrowing $5,000 and plan to pay back the loan with 36 monthly payments. The annual rate of interest is 16.5 percent. After one

I am borrowing $5,000 and plan to pay back the loan with 36 monthly payments. The annual rate of interest is 16.5 percent. After one year, I pay back $500 extra and shorten the period of the loan to two years total. What will my monthly payment be during the second year of the loan?

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