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If you borrow $40,000 at an annual interest rate of 11% for seven years, what is the annual payment (prior to maturity) on a fully

If you borrow $40,000 at an annual interest rate of 11% for seven years, what is the annual payment (prior to maturity) on a fully amortized loan?

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Part 1

A.

$8,488.61

B.

$3,000.00

C.

$0.00

D.

$8,333.33

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