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Fiona asks her dad to lend her $ 1 0 0 , 0 0 0 for her house renovations. She promises to make level annual
Fiona asks her dad to lend her $ for her house renovations. She promises to make level annual payments at the end of each year for years, so payments in total. They agree that she should pay some interest on the loan, and by comparing to personal loans offered at leading banks, her dad decides that a fair family interest rate is compounded monthly. What should the annual payments be Give your answer rounded to the nearest cent.
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