Time Value of Money

  Y​‌‍‍‍‌‍‍‌‍‌‌‍‍‍‌‍‌‌‌‍​our business has just taken out a 1-year installment loan for $72,500 at a nominal rate of 11.0% but with equa​‌‍‍‍‌‍‍‌‍‌‌‍‍‍‌‍‌‌‌‍​l end-of-month payments. What percentage of the 2nd monthly payment will go toward the repayment of principal​‌‍‍‍‌‍‍‌‍‌‌‍‍‍‌‍‌‌‌‍​?

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