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A business has taken out a $50,000 loan for a solar heating system, expecting to pay the annual payments partially from the fossil fuel savings,

  1. A business has taken out a $50,000 loan for a solar heating system, expecting to pay the annual payments partially from the fossil fuel savings, which currently represents $1,500/yr. plus out of pocket expenses. The loan is at a 5.0% rate, which has to be paid up by the year 2028. Assume a 3% fuel inflation rate. How much are the annual out of pocket expenses?

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