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Consider a 4-year loan of $5,000 which you will pay back in 4 equal annual payments. What would the size of each payment be? Of
Consider a 4-year loan of $5,000 which you will pay back in 4 equal annual payments. What would the size of each payment be? Of the payment you calculated for the first part of this question, how much of that payment would be interest for the second payment and how much of that payment would be principal repayment for the loan?
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