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You borrow $3000 at 10% per year and will pay off the loan in 3 equal annual payments starting 1 year after the loan is
You borrow $3000 at 10% per year and will pay off the loan in 3 equal annual payments starting 1 year after the loan is made. The end-of-year payments are $1206.34. What is the payment information for your payment at the end of year 2?
The interest paid in the payment at the end of the second year is $_____. The principal paid in the payment at the end of the second year is $_____.
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