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29. Michael bought a truck for $50,000 on January 1. The interest rate is 79. He will make 6 payments. First payment is due December

29. Michael bought a truck for $50,000 on January 1. The interest rate is 79. He will make 6 payments. First payment is due December 31. How much is the reduction in principal for the first payment on December 312 a. 53,500 b. $6.360 0.c. 57,030 d. 59.860 e, none of the above 7

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