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Amortization Table with Fixed Principal Payment: Consider a $50,000, 10 year loan at 8% interest. The loan agreement requires the firm to pay $5,000 in

Amortization Table with Fixed Principal Payment:

Consider a $50,000, 10 year loan at 8% interest. The loan agreement requires the firm to pay $5,000 in principal each year plus interest for that year. How much is the total payment in the first year?

$5,000

$4,000

$8,000

$9,000

$8,600

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