Question: Consider a 5-year amortized loan with a fixed annual payment of $1,000, and an APR of 9%. At the start of the second year, the

Consider a 5-year amortized loan with a fixed annual payment of

Consider a 5-year amortized loan with a fixed annual payment of $1,000, and an APR of 9%. At the start of the second year, the outstanding principal balance is $3,240. What is the amount of principal paid off during the second year? 90 1,000 812 213 708

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