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e. Keagans Caf just borrowed 310,000 to build a new restaurant. The loan terms call for equal annual payments at the end of each year.
e. Keagans Caf just borrowed 310,000 to build a new restaurant. The loan terms call for equal annual payments at the end of each year. The loan is for 5 years at a stated annual rate of 5 percent. How much of the first annual payment will be used to reduce the principal balance.
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