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At the beginning of the year, you plan to borrow $30,000 from your bank at an annual rate of 8% compounded annually. The loan is
At the beginning of the year, you plan to borrow $30,000 from your bank at an annual rate of 8% compounded annually. The loan is to be repaid in six equal instalments, beginning at the end of this year. What is the annual loan payment? Round final answers to 4 decimal places.
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