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You plan to borrow $46,727 at a 4% annual interest rate. The terms require you to amortize the loan with 9 equal end-of-year payments. How
You plan to borrow $46,727 at a 4% annual interest rate. The terms require you to amortize the loan with 9 equal end-of-year payments. How much interest will you pay in Year 2 (in dollar amount)?
*Round your answer to the nearest three decimals if needed. Do not type the $ symbol.
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