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Suppose that you have borrowed $500,000 in the form of a 30-year loan with an annual interest rate of 8% with monthly payments and monthly

Suppose that you have borrowed $500,000 in the form of a 30-year loan with an annual interest rate of 8% with monthly payments and monthly compounding. How much principal will you pay in the 6th year of the loan? a. $6,204 b. $6,223 c. $6,719 d. $7,277

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