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Perry borrowed $25,000 at a rate of 5% and must repay it in four equal installments at the end of each of the next 4
Perry borrowed $25,000 at a rate of 5% and must repay it in four equal installments at the end of each of the next 4 years. By how much would he reduce the amount he owes in the first year? a. $471.57
b. $7,050.30
c. $1,250.00
d. $5,800.30
e. None of these are correct
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