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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 10,000 10% 16 ? B 40,000 15% 10 ?

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