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Please explain with detail. Thank you 9. Thomas borrows $7,500 at 10% per year compounded annually and will repay the loan in 3 equal annual

Please explain with detail. Thank youimage text in transcribed

9. Thomas borrows $7,500 at 10% per year compounded annually and will repay the loan in 3 equal annual payments starting 1 year after the loan is made. a. What is the size of his annual payment? b. What is the amount of his interest payment at the end of year 2? c. What is the amount of his principal payment at the end of year 2

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