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Haider recently obtained a 10 year, $50,000 loan. The loan carries 8% compound annual interest rate and calls for annual instalment payments of $7,451.47. At

Haider recently obtained a 10 year, $50,000 loan. The loan carries 8% compound annual interest rate and calls for annual instalment payments of $7,451.47. At the end of the each of the next 10 years.

1.How much of the first year's payment is principal?

2.How much total interest will be paid over the life of the loan?

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