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Joe borrowed $ 1 0 , 0 0 0 at 1 0 % per year and promised to pay it back in equal annual installments

Joe borrowed $10,000 at 10% per year and promised to pay it back in equal annual installments at the end of each of the next 5 years. Joe's payment will be $2,100[($10,000/5)+($10,000\times 10%)]. Is this true or false? Show your calculations.

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