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Cody Company wants to purchase an asset that costs $150,000. The full amount needed to finance the asset can be borrowed at 12% interest. The

Cody Company wants to purchase an asset that costs $150,000. The full amount needed to finance the asset can be borrowed at 12% interest. The terms of the loan require equal end-of-year payments for the next 6 years.

a)Determine the total annual loan payment.

b)What is the total interest to be paid in year 4?

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