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An entrepreneur borrows $300,000 today. The interest rate is 8% . Finally, the loan needs to be paid off in equal annual installments over the

An entrepreneur borrows

$300,000

today. The interest rate is

8%

. Finally, the loan needs to be paid off in equal annual installments over the next 10 years, starting one year from today. How much will the entrepreneur have to pay each year?

image text in transcribed
An entrepreneur borrows $300,000 today. The interest rate is 8%. Finally, the loan needs to be paid off in equal annual installments over the next 10 years, starting one year from today. How much will the entrepreneur have to pay each year

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