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9. A firm borrows $9,600 for five years at 9 percent. The loan requires the firm to repay the interest and principal in equal, annual

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9. A firm borrows $9,600 for five years at 9 percent. The loan requires the firm to repay the interest and principal in equal, annual payments that cover the interest and principal. The interest is determined on the declining balance that is owed. What are the annual payments and the amount by which the loan is reduced during the first year

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