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You borrow $80,000 today at an interest rate of 8% (APR). The loan must be paid back in equal monthly installments over a period of

You borrow $80,000 today at an interest rate of 8% (APR). The loan must be paid back in equal monthly installments over a period of 10 years. The SECOND month's payment reduces the principal balance on the loan by:

A. $440.20

B. $443.14

C. $446.09

D. $449.07

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