Your company is planning to borrow $$2\mathrm{.}75$ million on a $5-$year, $13\%,$ annual payment, fully amortized term loan.

The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the

required analysis to answer the question below.

Open spreadsheet

What fraction of the payment made at the end of the second year will represent repayment of principal? Do not

round intermediate calculations. Round your answer to two decimal places.