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Lou Lewis borrows $27,000 to be repaid over 8 years at 11 percent. Repayment of principal in the first year is: Use Appendix D to

Lou Lewis borrows $27,000 to be repaid over 8 years at 11 percent. Repayment of principal in the first year is: Use Appendix D to calculate the answer. (Round your intermediate calculations to the nearest dollar value.)

a. $2,277

b. $2,504

c. $5,247

d. $2,361

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