Tony borrows $1400 at an annual interest rate of 6.0%. He receives the loan on the first day of the

Tony borrows $1400 at an annual interest rate of 6.0%. He receives the loan on the first day of the current month and will make monthly payments on the first day of each of the following months until the loan is repaid after 24 months (2-year loan). The monthly loan payment is $62.05. How much interest will Tony pay as part of the first loan payment


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