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Finance Magic Borrow $1,000 for three years 10% Interest Equal Payments at the End of Each Year Annual Payment = $402 YEAR BEGINNING PAYMENT BALANCE

Finance Magic Borrow $1,000 for three years 10% Interest Equal Payments at the End of Each Year Annual Payment = $402 YEAR BEGINNING PAYMENT BALANCE INTEREST PART OF PAYMENT 100 PRINCIPAL PART OF PAYMENT ENDING BALANCE 1 1000 402 1 2 3

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