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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 7 years at

Thomas is getting a mortgage for a house and will borrow $700,000.

For this mortgage, the amortized loan requires annual payments for 7 years at a 5.3% annual interest rate.

How much of the first payment goes toward reducing the principal? Answer to the nearest cent.

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