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You are borrowing $ 8 0 0 , 0 0 0 for a house using an amortized mortgage loan with annual payments over 7 years.

You are borrowing $

800, 000

for a house using an amortized mortgage loan with annual payments over

7

years. The interest is

7.2 %

per year. How much less is your principal after the first payment? Answer to the nearest cent.

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