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Use the following loan information to answer the following three questions: You need to borrow $250,000 for a new boat and have arranged for a

Use the following loan information to answer the following three questions:

You need to borrow $250,000 for a new boat and have arranged for a 12-year loan with equal annual repayments (made at the end of each year). The annual interest rate on the loan is 8.5% and the loan will be fully repaid over the loan term

What part of the annual loan payment is applied to the principal on the seventh end-of-year annual payment?

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