Question: Feathers and Furs borrowed 75 000 to buy a new faux
Feathers and Furs borrowed $75,000 to buy a new faux fur storage facility. The company borrowed the money for 10 years at 12%, and the monthly payments are $1,076.03. When the company makes the first monthly payment at the end of the first month of the loan, by how much will the payment reduce the principal of the loan?
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