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One of the example problems in your book dealt with amortizing an installment type loan. Suppose you borrow $ 2 2 , 0 0 0
One of the example problems in your book dealt with "amortizing" an installment type loan. Suppose you borrow $ at interest, compounded annually and will repay the loan in equal annual payments, beginning next year, for six years. How much of your first payment went towards principal?
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