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Posted on Aug 07, 2024

A loan of $ 1 0 , 0 0 0 at 8 % interest rate is to be paid off with a $ 1 ,

A loan of $

10, 000

8 %

interest rate is to be paid off with a $

1, 000

a year annuity due.

How long will it take for the loan to be paid off?

(

Please note this is annuity due problem.

)

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