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Consider a 20-year loan for $200,000 with annual payments of interest plus equal principal reduction. What is the first years payment amount if the interest

Consider a 20-year loan for $200,000 with annual payments of interest plus equal principal reduction. What is the first years payment amount if the interest rate is 7%?

$16,000

$18,000

$20,000

$22,000

$24,000

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