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Hi please help me with the problem below, make sure write down detailed steps, thank you! Problem 12.8 A borrower is repaying a loan by

Hi please help me with the problem below, make sure write down detailed steps, thank you!

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Problem 12.8 A borrower is repaying a loan by making payments of 1,000 at the end of each of the next 3 years. The interest rate on the loan is 5% compounded annually. What payment could the borrower make at the end of the first year in order to extinguish the loan

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