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2) You obtain an installment loan to pay for graduate school in the amount of $30,000. If the lender charges you 7% interest and you


2) You obtain an installment loan to pay for graduate school in the amount of $30,000. If the lender charges you 7% interest and you are required to pay the loan off in equal annual installments over a period of 8 years, what is the amount of each installment?

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