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A bank just approved your small business loan for $30,000. The loan has an interest rate of 6.5% and will be repaid with 10 end-of-year

A bank just approved your small business loan for $30,000. The loan has an interest rate of 6.5% and will be repaid with 10 end-of-year payments. What is the required annual loan payment? What percentage of the total payments made during the first five years will be made toward interest? 51.22% 52.93% 54.56% 39.34% 41.53%

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