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How much principal will be repaid in the second year

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Question - Nancy applied for a bank loan of $275,000 to finance a new business. The bank will require her to make monthly payments of $3,634.15 at the end of each month of the next 10 years. How much principal will be repaid in the second year?

a. $1,624.81

b. $35,504.55

c. $18,635.39

d. $20,106.18

e. $17,720.78

Reference no: EM132826460

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