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Hometown Builders is borrowing $150,000 today for five years. The loan is an interest-only with an APR of 8.5 percent. Payments are to be made

Hometown Builders is borrowing $150,000 today for five years. The loan is an interest-only with an APR of 8.5 percent. Payments are to be made annually. What is the amount of the first annual payment?

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