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$650,000 was borrowed for 2 years and 6 months. Interest is 7.2% compounded monthly. Loan payments are made at the end of each month.

$650,000 was borrowed for 2 years and 6 months. Interest is 7.2% compounded monthly. Loan payments are made at the end of each month. Find out how much principal was repaid in the 12th payment. Hint: First, you have to determine the size of the monthly payment. Then use the AMORT function on your calculator. Carefully select the range for P1 and P2. (Round your final answer to 2 decimals).

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