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Posted on Jul 14, 2024

You borrowed $750,000 from your bank. The annual rate on your loan is 7.5% and you have to repay it with 20 equal annual payments.

You borrowed $750,000 from your bank. The annual rate on your loan is 7.5% and you have to repay it with 20 equal annual payments. For your first payment, how much of it is used to reduce your outstanding balance (or principal)?

Group of answer choices

$91,228

$43,438

$38,303

$71,250

$17,319

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