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You borrowed $850,000 from your bank. The annual rate on your loan is 7.5% and you have to repay it with 21 equal annual payments.

You borrowed $850,000 from your bank. The annual rate on your loan is 7.5% and you have to repay it with 21 equal annual payments. For your first payment, how much of it is used to reduce your outstanding balance (or principal)?

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