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Lucia is a freshmen and she knows she will need to take out $20,000 in loans for the next 4 years (She will owe this
Lucia is a freshmen and she knows she will need to take out $20,000 in loans for the next 4 years (She will owe this much at graduation). She would like to have her loans completely paid off 5 years after graduation. If Lucia wants to start making payments a year after she graduates, how much does she need to pay every year to completely pay off her loans, assuming an interest rate of 5.6%
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