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Jiffy Print needed cash to purchase a new copying machine. On Jan 1, 2004, Jiffy Print borrowed $12,000 from Federal Bank. Federal Bank charges 8%

Jiffy Print needed cash to purchase a new copying machine. On Jan 1, 2004, Jiffy Print borrowed $12,000 from Federal Bank. Federal Bank charges 8% interest annually. Federal required Jiffy to pay back the loan in 3 equal annual payments. What is the amount of the annual loan payment

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