Question: Suppose you borrowed $ 1 5 , 0 0 0 at a rate of 8 . 0 % and must repay it in 5 equal

Suppose you borrowed $15,000 at a rate of 8.0% and must repay it in 5 equal instalments at the end of each of the next 5 years. By how much would you reduce the amount you owe in the second vear?

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