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Greg borrows 9,000 for 8 years at an annual effective interest rate of 12%. At the end of each year, he pays the interest on

Greg borrows 9,000 for 8 years at an annual effective interest rate of 12%. At the end of each year, he pays the interest on the loan and deposits the level amount necessary to repay the principal to a sinking fund earning an annual effective interest rate of 6%.

The total payments made by Greg over the 8-year period is X. Calculate X.

15,909

15,931

15,898

15,926

15,915

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