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A loan is taken out for the amount of $250,000. The loan is to be paid back with annual payment every year for the next

image text in transcribed A loan is taken out for the amount of $250,000. The loan is to be paid back with annual payment every year for the next thirty years. If the loan rate is 5%, calculate the annual payment. 11,138.25 12,275.00 15,000.00 16,262.86

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