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Loan paymentDetermine the equal, annual, end-of-year payment required each year over the life of the loan shown in the following table to repay it fully

Loan paymentDetermine the equal, annual, end-of-year payment required each year over the life of the loan shown in the following table to repay it fully during the stated term of the loan.

Principal Interest rate Term of loan (years)

$ 29,000 15% 27

The amount of the equal, annual, end-of-year payment, CF, is $. (Round to the nearest cent.)

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