A loan of $32,000 at 6% compounded annually is to be repaid by equal payments at the end of every month for three years. How much interest will be included in the first payment?

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The interest included in the first payment is the interest accrued during the first month. The monthly interest rate is 6% / 12 = 0.5%. The interest accrued during the first month is $32,000 * 0.5% = $156.

A Loan of $32,000 at 6% Compounded Annually Is to Be