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A construction company takes a loan of $1,531,000 to cover the cost of a new grader. If the interest rate is 6.75% APR, and payments
A construction company takes a loan of $1,531,000 to cover the cost of a new grader. If the interest rate is 6.75% APR, and payments are made monthly for five years, what is the interest portion and what is the principal portion of the first monthly payment?
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interest $8,611.88; principal $22,296.51
interest $8,611.88; principal $21,523.50
interest $21,523.50; principal $8,611.88
interest $22,296.51; principal $8,611.88
interest $22,936.82; principal $8,611.88
interest $8,611.88; principal $22,936.82
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