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If a student borrows $20,000 to start a business as a 5 year, 10% loan, assume annual payments, the decrease in principal in year 1

If a student borrows $20,000 to start a business as a 5 year, 10% loan, assume annual payments, the decrease in principal in year 1 is

Select one:

a. $2,000.00

b. $3,275.95

c. $4,000.00

d. $5,275.95

e. None of these

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