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Thomas is getting a mortgage for a house and will borrow $700,000. For this mortgage, the amortized loan requires annual payments for 6 years at

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Thomas is getting a mortgage for a house and will borrow $700,000. For this mortgage, the amortized loan requires annual payments for 6 years at a 5% annual interest rate. How much of the first payment goes toward reducing the principal? Answer to the nearest cent

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