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Your company is planning to borrow $3 million on a 5 year 11% annual payment, fully amortized term loan. What fraction of the payment made

Your company is planning to borrow $3 million on a 5 year 11% annual payment, fully amortized term loan. What fraction of the payment made at the end of the second year will represent repayment of principal? Round to two deciaml places.

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