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how do you work this out step by step ? 3) A mortgage requires 1,000 payment at the end of each of the next five

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3) A mortgage requires 1,000 payment at the end of each of the next five years. What is the present value of these payments at an interest rate of 12 per cent? A) 6,352.85 B) 3,604.78 C) 2,743.28 D) None of the above

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