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You are borrowing $200,000 for an amortized loan with terms that include annual payments, 7 year loan, and interest rate of 7 per year. How

You are borrowing $200,000 for an amortized loan with terms that include annual payments, 7 year loan, and interest rate of 7 per year. How much of the first year's payment would be applied toward reducing the principle? Answer to the nearest cent.

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