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Kim has just graduated from law school. She had taken an education loan of $37,000, which now must be repaid in equal yearly installments over

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Kim has just graduated from law school. She had taken an education loan of $37,000, which now must be repaid in equal yearly installments over the next four years. What is the amount of the yearly loan repayment, if the loan carries a simple annual interest of 7 percent? The first payment will be made today. (Round the answer to two decimal places.)

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