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I B. 1) If you borrow $1,000and agree to repay the loan in five equal annual payments at an interest rate of 12%, what will

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I B. 1) If you borrow $1,000and agree to repay the loan in five equal annual payments at an interest rate of 12%, what will your payment be? (5 Marks) 2) What if you make the first payment on the loan immediately instead of the at the end of the first year

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