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Aeron Electrics borrowed $120,000 for five years at an interest rate of 8 percent, compounded annually. The loan requires repayment of the interest annually. In

Aeron Electrics borrowed $120,000 for five years at an interest rate of 8 percent, compounded annually. The loan requires repayment of the interest annually. In addition, the principal must be repaid in equal annual payments. What is the amount of the total loan payment in year three?

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