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You borrowed $75,000 and have to repay it in 6 equal installments at the end of each years. The loan interest rate is at 9.5%

You borrowed $75,000 and have to repay it in 6 equal installments at the end of each years. The loan interest rate is at 9.5% per annum. How much principal would you reduce in the first year?

two decimal places

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