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Assume a fifteen-year equal payment amortization schedule with an annual interest rate of 2% and annual payments. If the beginning principal (loan amount) is $8,000,
Assume a fifteen-year equal payment amortization schedule with an annual interest rate of 2% and annual payments. If the beginning principal (loan amount) is $8,000, how much of the first annual installment (in the first year) goes toward reducing the principal? 1) $160.00 O2) $214.59 03) $462.60 O 4) There is not enough information to answer this
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