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3. A loan of $12,000 is being repaid with payments of $1,500 at the end of each year for 10 years. These payments can earn

3. A loan of $12,000 is being repaid with payments of $1,500 at the end of each year for 10 years. These payments can earn interest at an effective rate of 6% per annum. At the end of the year, this i...

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