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XYZ CORP TOOK AN AMORTIZATION LOAN FROM A LARGE BANK. THE AMOUNT BORROWED WAS $5 MILLION,STRUCTURED TO BE PAID IN EQUAL ANNUAL INSTALLMENTS OVER 15

XYZ CORP TOOK AN AMORTIZATION LOAN FROM A LARGE BANK. THE AMOUNT BORROWED WAS $5 MILLION,STRUCTURED TO BE PAID IN EQUAL ANNUAL INSTALLMENTS OVER 15 YEARS AT A 6% RATE. APPROXIMATELY WHAT PERCENTAGE OF THE FIRST YEAR PAYMENT IS USED TO COVER INTEREST? PLEASE PROVIDE EXPLANATION WITH ALGEBRAIC FORMULAS

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