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A businessman borrows $1,000 at an annual rate of 5% to be paid in three equal installments. What is the annual payment that the borrower

A businessman borrows $1,000 at an annual rate of 5% to be paid in three equal installments. What is the annual payment that the borrower will have to make to pay off his loan in the three-year loan period?

345.69
467.21
225.78
367.21

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