Determining a Loan Payment Amount. If you borrow $8,000 with a 5 percent interest rate, to be
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Determining a Loan Payment Amount. If you borrow $8,000 with a 5 percent interest rate, to be repaid in five equal yearly payments, what would be the amount of each payment? (Note: Use a financial calculator or the present value of an annuity table in the Chapter Appendix.)
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