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Cal Lury owes $27,000 now. A lender will carry the debt for six more years at 7 percent interest. That is, in this particular case,
Cal Lury owes $27,000 now. A lender will carry the debt for six more years at 7 percent interest. That is, in this particular case, the amount owed will go up by 7 percent per year for six years. The lender then will require that Cal pay off the loan over the next 14 years at 10 percent interest. |
What will his annual payment be? |
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