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John borrowed $125,000 to buy a house. His loan cost was 11% and he promised to repay the loan in 15 equal annual payments. How

John borrowed $125,000 to buy a house. His loan cost was 11% and he promised to repay the loan in 15 equal annual payments. How much principal is amortized with the first payment?

$17, 383

$13,750

$3,633

$121,367

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