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Interest-only loan (regular interest payments each year and princloal at maturity). Chuck Ponzi has taknd an elderty woman into lonning him 330,000 for a new

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Interest-only loan (regular interest payments each year and princloal at maturity). Chuck Ponzi has taknd an elderty woman into lonning him 330,000 for a new business ventume. She has, however, successfully passed a finance class and roquires Chuck to sign a binding contract on ropayment of 30,000 with an annual intorest rale of 10% over the next 15 years. Determine the cash flow to the woman under an interest-only lean, ln which. Ponzi will pay the annual interest expense each year and pay the principal back at the end of the contract. What is the amount of payment that the women will receive at the end of years 1 through 14 ? (Round to the nearest dollac.)

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