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Consider a 4 year loan with annual payments. The interest rate is 8% and the principal amount is $5000. What is the annual payment? Select

Consider a 4 year loan with annual payments. The interest rate is 8% and the principal amount is $5000. What is the annual payment? Select one: a. $1400 b. $1510 c. $1509.60 d. $1600 e. $1500

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