Question: Ralph Phillips obtained a 1 2 - month, $ 1 5 0 0 loan at 1 2 percent interest from his credit union. His monthly

Ralph Phillips obtained a 12-month, $1500 loan at 12 percent interest from his credit union. His monthly payment is $133.20. For the first payment: a. what is the interest? b. What is the payment to principal? c. what is the new balance?

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