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Anita Hernandez is taking out a loan to remodel her house. She found a 4 year loan with a rate of 3% per year. If

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Anita Hernandez is taking out a loan to remodel her house. She found a 4 year loan with a rate of 3% per year. If her annual payments cannot go above $1,200 per year, what is the maximum loan she should take? There are two main types of annuity problems: Savings Annuities and Payout Annuities. Below is a summary of the two types and their related subtype. The general TVM values used for each type of account is indicated. Pay close attention to which values are 0 , and the cash flow signs for each. Idenfiy the type of problem for this question: A. Amortized Loan B. Sinking Fund C. Payout Annuity D. Savings Annuity Use the TVM Solver to answer the questions. Round to the nearest cent. The maximum loan value is approximately $ After the 4 years, how much will she owe on the loan? \$

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