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Adam borrows $4,500 at 12 percent annually compounded interest to be repaid in four equal annual installments. The actual end -of -year payment is $2,641.

Adam borrows $4,500 at 12 percent annually compounded interest to be repaid in four equal annual installments. The actual end -of -year payment is $2,641. $1,125. $942. $1,482

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