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At the beginning of the year you borrowed $41,530 and have agreed to amortize the loan over 5 years making equal annual payments at the
At the beginning of the year you borrowed $41,530 and have agreed to amortize the loan over 5 years making equal annual payments at the end of each year. Therefore at the end of that time the loan balance must be zero. You offered to pay 4.25% interest rate on the loan. What would be the balance on the loan at the beginning of the second year? Round to the nearest penny and enter your answer in the box below.
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