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You borrow $12,000 over a 5-year term. The loan is structured as an amortized loan with annual (end-of-year) payments and an interest rate of 5.6%.

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You borrow $12,000 over a 5-year term. The loan is structured as an amortized loan with annual (end-of-year) payments and an interest rate of 5.6%. The annual payments are $2,817.83. How much of the second payment is a repayment of principal? Round your answer to two decimal places. Year PMT Interest Owing End of Year Principal Repayment Principal Owing End of Year 1 2

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