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A new bookstore takes out a $ 7 , 7 7 4 . 7 0 loan to purchase bookshelves. The loan is amortized over 3

A new bookstore takes out a $

7, 774.70

loan to purchase bookshelves. The loan is amortized over

3

years at

6.47 %

annual interest rate. Calculate the annual payments on the loan.

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