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14. You borrow $40,000 to be repaid over ten years in annual payments at 6% interest. However, the lender gives you a one-year grace

14. You borrow $40,000 to be repaid over ten years in annual payments at 6% interest. However, the lender gives you a one-year grace period with no interest. The first payment is not due until the end of year 2. What is the payment?

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