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18. Larry has applied for a mortgage of $60,000 to finance the purchase of a new home. The bank will require Larry to make annual

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18. Larry has applied for a mortgage of $60,000 to finance the purchase of a new home. The bank will require Larry to make annual payments of $7,047.55 at the end of each of the next 20 years. How much principal will be repaid in the second year? a. $1,152.30 b. $1,725.70 c. $5,895.25 d. $7047.55 e. $1047.55

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