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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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