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Don borrowed $80,000 to be repaid in equal monthly installments over 5 years, beginning one month from today. The interest rate on the loan is

Don borrowed $80,000 to be repaid in equal monthly installments over 5 years, beginning one month from today. The interest rate on the loan is 6.5% APR, compounded monthly. How much principal on the loan will Don pay down in the third month? Show your work and highlight your final answers.

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