Suppose you borrowed $15,

Suppose you borrowed $15,

Suppose you borrowed $15,000 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years. By how much would you reduce the amount you owe in the first year.- but can someone explain to me how you get toin the work shown below? The rest of it makes sense. Thanks!Accumulated Interest at the end of 1st year =0.085*15000 = $1275= 3806.49 – 1275 = $2531.49

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