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You borrow $70,000 and arrange to pay off the loan in five equal annual installments. Payments will be made at the end of each year.
You borrow $70,000 and arrange to pay off the loan in five equal annual installments.
Payments will be made at the end of each year. The loan interest rate is 7.50 percent.
What percentage of your second year's payment will go toward interest?
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