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H Corporation borrowed $50,000 from Bridgewater Bank using a 10-year (120-month) installment loan at a rate of 7.25% (APR). Lender B Bank requires that borrower
H Corporation borrowed $50,000 from Bridgewater Bank using a 10-year (120-month) installment loan at a rate of 7.25% (APR). Lender B Bank requires that borrower Heritage Corporation make monthly principal and interest payments on the installment loan. Bridgewater Bank uses a 360-day year to calculate interest on Heritage Corporation's loan. TASK >> Please calculate the amount of loan principal that is reduced after Bridgewater Corporation makes its first monthly loan payment.
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