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Cavender Toyota borrowed $111,200 from a local bank. The loan requires Cavender to pay 10 equal annual installments beginning one year from today. Assume an
Cavender Toyota borrowed $111,200 from a local bank. The loan requires Cavender to pay 10 equal annual installments beginning one year from today. Assume an interest rate of 8%. What is the amount of each annual installment payment?
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