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jerry has borrowed 20,000 from a local bank to fund the start up of a new business. the loan is a level-payment amortized loan to

jerry has borrowed 20,000 from a local bank to fund the start up of a new business. the loan is a level-payment amortized loan to be paid off over 5 years. Payments will be made at the end of each year and the interest rate is 12 percent. what will be the principle balance after the first payment?

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