Question: PLEASE ANSWER THE QUESTION IN THIS EXACT FORMAT ALONG WITH AN EXPLANATION!!! THANKS! You borrow $40,000 for 7 years at an annual interest rate of

PLEASE ANSWER THE QUESTION IN THIS EXACT FORMAT ALONG WITH AN EXPLANATION!!! THANKS!

  1. You borrow $40,000 for 7 years at an annual interest rate of 6%.
    • Calculate the loan payment.
      • __________________
    • 40,000 ______
    • ______ N
    • ______ 1/Y
    • CPT ________
    • Answer: _____________

Calculate the amount of interest and principal paid in the first year.

      • Interest: _______________________________
      • Principal: ______________________________

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