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2. On the day you entered college, you borrowed $18,000 on an interest-only, four-year loan at 5.25 percent from your local bank. Payments are to

2. On the day you entered college, you borrowed $18,000 on an interest-only, four-year loan at 5.25 percent from your local bank. Payments are to be paid annually. What is the amount of your loan payment in year 2?

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