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How much of your first payment will be applied

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Reference no: EM13950977

1. If you borrow $50,000 today at 10% interest for eight years. How much of your first payment will be applied towards the principal of the loan? (Points: 3) 

a. $5,000
b. $4,372
c. $4,790
d. Zero, all will be applied towards the interest

Reference no: EM13950977

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