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(Loan amortization) On December 31, Son-Nan Chen borrowed $110,000, agreeing to repay this sum in 24 equal end-of-year installments and 18 percent interest on the

(Loan amortization) On December 31, Son-Nan Chen borrowed $110,000, agreeing to repay this sum in 24 equal end-of-year installments and 18 percent interest on the decling balance. How large must the annual payments be?

The amount of the annual payments must be $________

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