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Erindale Bank offers you a $48,000, five-year term loan at 7.5 percent annual interest. What will your annual loan payment be? (Do not round intermediate

Erindale Bank offers you a $48,000, five-year term loan at 7.5 percent annual interest. What will your annual loan payment be? (Do not round intermediate calculations. Round the final answer to 2 decimal places.)

Annual loan payment

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