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The Redd Caboose just borrowed $340,000 to build a new restaurant. The loan terms call for equal annual payments at the end of each year.

The Redd Caboose just borrowed $340,000 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 9 percent.

How much of the first annual payment will be used to reduce the principal balance?

$10,554.60

$10,211.08

$11,220.90

$11,580.02

$ 9,575.68

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