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Accounting Questions: Jessica would like to borrow $20,000 to purchase a car. The loan is to be paid off in 10 equal annual payments with

Accounting Questions:

Jessica would like to borrow $20,000 to purchase a car. The loan is to be paid off in 10 equal annual payments with the first payment made at EOY 1. The interest rate is 4.5%/yr. What is the annual loan payment?

For the problem above, what is the total amount of interest paid over the life of the loan?

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