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Debt in the amount of 10,000, with a nominal interest rate of 3%, is to be repaid over 5 years in installments with a fixed
Debt in the amount of 10,000, with a nominal interest rate of 3%, is to be repaid over 5 years in installments with a fixed principal amount payable at the end of each year. What is the total amount of interest for the entire repayment period?
Thank you in advance.
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