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The Egg House just borrowed 660,000 to build a new resteraunt. The loan terms call for equal annual payments at the end of each year.

The Egg House just borrowed 660,000 to build a new resteraunt.

The loan terms call for equal annual payments at the end of each year. The loan is for 15 years at an APR of 8.35 percent. How much of the first annual payment will be used to reduce the principle balance?

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