Question: A firm borrowed $ 9 8 , 0 0 0 for five years at an interest rate of 6 . 7 percent, compounded annually. The

A firm borrowed $98,000 for five years at an interest rate of 6.7 percent, compounded annually. The loan requires the payment of the annual interest plus $19,600 of principal each year. What is the amount of the total loan payment in Year 3?

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