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1. A borrower borrows $50,000 for 5 years at 7.5%. He pays $6,000 for each of the first 2 years and then catches up in

1. A borrower borrows $50,000 for 5 years at 7.5%. He pays $6,000 for each of the first 2 years and then catches up in the remaining 3 years. What is the payment in the last 3 years?

2. A loan made at an annual rate of 6% has 10 remaining payments of $1,000. What is the loan balance?

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