Question: You are borrowing $200,000 for an amortized loan with terms that include annual payments,9 year loan, and interest rate of 4.7 per year. How much

You are borrowing $200,000 for an amortized loan with terms that include annual payments,9 year loan, and interest rate of 4.7 per year. How much of the first year's payment would be applied toward reducing the principal? Answer to the nearest cent xxx.xx, and do not enter the dollar sign.

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