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One of the example problems in your book dealt with amortizing an installment type loan. Suppose you borrow $22,000 at 12% interest, compounded annually and

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One of the example problems in your book dealt with "amortizing" an installment type loan. Suppose you borrow $22,000 at 12% interest, compounded annually and will repay the loan in equal annual payments, beginning next year, for six years. How much of your fourth payment went towards principal? $3,400 $1,524 O $3,809 $5,351

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