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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

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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 x 10%). Select one: True False

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