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A loan has a beginning balance of $ 6 , 8 0 1 . 1 9 , an amortization period of 6 years, and an

A loan has a beginning balance of $

6, 801.19,

an amortization period of

6

years, and an annual interest rate of

3 % .

How much of the first loan payment goes towards paying interest?

Hint: Calculate the Year

1

Interest Paid

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