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Hirsh Industries has made special arrangements with a lender to borrow $ 1 0 0 , 0 0 0 for 5 years at an APR

Hirsh Industries has made special arrangements with a lender to borrow $100,000 for 5 years at an APR of 6 percent. Equal payments are to be made annually at the end of each year. How much will Hirsh Industries pay in interest over the life of this loan? (Hint: First, find the annual payment. Total interest paid equals amount of each annual payment times number of annual payments minus amount initially borrowed.)
Group of answer choices
a. $15,514
b. $16,655
c. $17,849
d. $18,698

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