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A 70,000 annual payment loan is made for a term of 10 years at 8% (lender charge). The lender wants only the payments of interest
A 70,000 annual payment loan is made for a term of 10 years at 8% (lender charge). The lender wants only the payments of interest until the end of year 10 when the 70,000 must be repaid. The borrower will make level annual year-end payments to a sinking fund earning 6%. The net interest paid during the 6th installment is
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