Question: On January 1 , Pablo borrows $ 5 , 0 0 0 with a fixed interest rate on the loan of 1 0 % and

On January 1, Pablo borrows $5,000 with a fixed interest rate on the loan of 10% and a loan term of 2 years. He will be making monthly payments of $230.72. How much of Pablo's first loan payment would be interest charged for January, the first month of the loan?

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