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A business borrows $60 million. The loan is paid back in equal annual payments over 6 years, starting in one year (one year after the

A business borrows $60 million. The loan is paid back in equal annual payments over 6 years, starting in one year (one year after the loan was issued). Assuming 10.0% interest rate, calculate:

a. The annual payment

b. Interest charged in the second year.

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