Question: Dylan is getting a mortgage for a house and will borrow $700,000. For this mortgage, the amortized loan requires annual payments for 9 years at

Dylan is getting a mortgage for a house and will borrow $700,000. For this mortgage, the amortized loan requires annual payments for 9 years at a 6.3% annual interest rate. How much of the first payment goes toward reducing the principal? Answer to the nearest cent.

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