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Determine the equal, annual, end-of-year payment required over the life of the following loans to repay them fully during the stated term. Loan Principal ($)
Determine the equal, annual, end-of-year payment required over the life of the following loans to repay them fully during the stated term.
| Loan | Principal ($) | Interest Rate (%) | Term of Loan (Yrs) | Annual Payment ($) |
|
| A | 50 comma 00050,000 | 99 | 1616 | ||
| B | 80 comma 00080,000 | 1313 | 99 |
| Loan | Principal ($) | Interest Rate (%) | Term of Loan (Yrs) | Annual Payment ($) |
| A | 50 comma 00050,000 | 99 | 16 |
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