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

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You borrow $12,000 over a 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 $2817.85 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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