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Dan Dayle started a business by issuing an $85,000 face-value note to First State Bank on January 1, Year 1. The note had an 7 percent annual rate of interest and a five-year term. Payments of $20,731 are to be made each December 31 for five years. What is the principal balance on January 1, Year 2?

User Lay
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58,319 is the answer lol
User Faran
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