Question: Use X% = 8 Mr. Jones bought a building for $60,000, payable on the following terms: a $10,000 down payment and 25 equal annual installment

Use X% = 8

Mr. Jones bought a building for $60,000, payable on the following terms: a $10,000 down payment and 25 equal annual installment payments to include principal and interest of X% per annum.

How much of the first year's payment goes toward reducing the principal amount?

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