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You have just arranged a three-year bank loan for $150,000 at an interest rate of 8% p

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You have just arranged a three-year bank loan for $150,000 at an interest rate of 8% p.a. with interest compounded monthly. The loan will be repaid in equal monthly instalments and the first payment will be due one month from today. Assuming end-of-the-month cash flows, the total interest paid in the second month of the loan will be closest to: