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On January 1, 2016, Demarest Company purchased equipment and signed a six-year mortgage note for$97,000 at...

On January 1, 2016, Demarest Company purchased equipment and signed a six-year mortgage note for$97,000 at 15%. The note will be paid in equal annual installments of $25,631, beginning January 1, 2017. Calculate the portion of principal amount paid on the third installment. (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)

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