Calculate the total principal paid during the 2nd year of, Financial Management

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Calculate the total principal paid during the 2nd year of

Vince wants to buy a new car for $50,000. The bank has offered him a 5-year loan with a 2.9% APR (compounded monthly). Assuming the first payment will made 1 month from today, calculate the total principal paid during the 2nd year of the loan. (Enter a positive value and round to 2 decimals)

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