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Business, 12.04.2021 22:10 redrosesxx

Mark takes out a 30-year loan on January 1, 1992 for 20,000 at an annual effective interest rate of 5%. Payments are made at the end of each year. On January 1, 2002, Mark takes out a 20-year loan for 10,000 at an annual effective interest rate of 7%. Payments are also made at the end of each year. Calculate the total amount of principal repaid during the year 2002 on both loans.

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