Question: Consider a 5 - year amortized loan with a fixed annual payment of $ 1 , 0 0 0 , and an APR of 8

Consider a 5-year amortized loan with a fixed annual payment of $1,000, and an APR of 8%.
At the start of the second year, the outstanding principal balance is $3,312. What is the
amount of principal paid off during the second year?
708
90
735
213
1,000

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