Question: Chris borrowed $ 2 0 0 , 0 0 0 to be repaid in 1 2 0 equal monthly installments, beginning one month from today.

Chris borrowed $200,000 to be repaid in 120 equal monthly installments, beginning one month from today. The interest rate on the loan is 8.50% APR, compounded monthly. How much interest on the loan will Chris pay in the third month? Show your work and highlight your final answers.

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