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Francis is making 14 annual payments on a loan for a house ($400,000 borrowed) which, like most mortgage loans, is amortized. If the annual interest

Francis is making 14 annual payments on a loan for a house ($400,000 borrowed) which, like most mortgage loans, is amortized. If the annual interest rate is 4.5%, what part of the first payment (dollar amount to nearest cent) goes toward reducing the principal?

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