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Aflack Inc. borrowed $20,000 and agreed to pay off the loan over 5 years by making equal year-end payments, compounded annually at 10%. a.
Aflack Inc. borrowed $20,000 and agreed to pay off the loan over 5 years by making equal year-end payments, compounded annually at 10%. a. What is the annual payment amount? b. What is the annual payment amount if the interest rate increased to 12%? Round answers to the nearest whole dollar. Do not use a negative sign with your answer. a. $ b. $ 0 0
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