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Your Company borrowed $5,000 using a 8-year installment note. The interest rate is 6% and the annual payment of $805, due each December 31,

Your Company borrowed $5,000 using a 8-year installment note. The interest rate is 6% and the annual payment of $805, due each December 31, includes both interest and principal. How much of the second payment would reduce principal? $300 $805 $495 $505 $535

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