Question: You borrow $ 1 0 , 0 0 0 over a 5 - year term. The loan is structured as an amortized loan with annual

You borrow $10,000 over a 5-year term. The loan is structured as an amortized loan with annual (end-of-year) payments and an interest rate of 4%. The annual payments are $2,246.27. How much of the second payment is a repayment of principal? Round your answer to two decimal places.

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