Question: A proposed change in income tax suggests charging 25 % on a person's income up to $ 42 , 000 and then 40 % on any income above that. If a person has an income of $ 68 , 000 , what will their income tax be under the proposal? Round your answer to the nearest dollar.Consider the following amortization schedule: Payment # Payment Interest Debt Payment Balance 1 1 , 167.34 540.54 626.80 259 , 873.20 2 1 , 167.34 539.24 628.10 259 , 245.10 3 1 , 167.34 With the exception of column one, all amounts are in dollars. What is starting principal of the loan?