Question: 1) You are planning on taking a loan for $ 86 ,000. You will repay the loan in annual payments over the next 8 years

1) You are planning on taking a loan for $ 86 ,000. You will repay the loan in annual payments over the next 8 years and the loan has a stated interest rate of 6 %. For the very last payment on your loan, how much of this is repayment of principal? For example, if the loan payment is $400 of which $30 is interest and $370 is principal, your answer is $370

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