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Gummi Inc. is borrowing $300,000 today for 10 years. The loan is an interest-only loan with an APR of 5 percent. Payments are to be

Gummi Inc. is borrowing $300,000 today for 10 years. The loan is an interest-only loan with an APR of 5 percent. Payments are to be made annually. What is the amount of the first payment? $20,000 $25,579 $18,233 $15,000

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