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Business, 11.02.2021 17:30 jessicamendozacelis2

You are taking a $6,226 loan. You will pay it back in four equal amounts, paid every year, with the first payment occurs at the end of year 5. So the first payment is 5 periods from now. Even though you did not make payments during that time interest still accrues. The annual interest rate is 11%. Calculate the amount of each annual payment to pay off the loan 4 years after you start paying it back.

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