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The Egg House just borrowed $260,000 to build a new restaurant. The loan terms call for equal annual payments at the end of each year.

The Egg House just borrowed $260,000 to build a new restaurant. The loan terms call for equal annual payments at the end of each year. The loan is for 15 years at an APR of 8 percent. How much of the first annual payment will be used to reduce the principal balance?

$9,575.68

$11,420.90

$10,554.60

$8,311.62

$10,211.08

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