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1. Using the PVIFA table (table 9.4 in the textbook), determine the annual payment on a $600,000, 10 percent, business loan from a commercial bank

1. Using the PVIFA table (table 9.4 in the textbook), determine the annual payment on a $600,000, 10 percent, business loan from a commercial bank that is to be amortized over a five-year period.

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