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1.Prescott Bank offers you a $38,000, 9-year term loan at 9 percent annual interest. What will your annual loan payment be? 1.You deposit $1,700 at

1.Prescott Bank offers you a $38,000, 9-year term loan at 9 percent annual interest. What will your annual loan payment be?

1.You deposit $1,700 at the end of each year into an account paying 8.6 percent interest.

How much money will you have in the account in 23 years?

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