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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 $ for years at an APR of 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.
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a $
b $
c $
d $
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