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Peter Lane borrowed $2,000 at an interest rate of 12% to consolidate his debts. The loan contract requires him to repay the loan in three

Peter Lane borrowed $2,000 at an interest rate of 12% to consolidate his debts. The loan contract requires him to repay the loan in three year-end equal annual installments. a. What is the amount of each year-end payment? b. What is the loan balance (above question) at the end of year 2?

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