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Q3: [5 marks] A loan estimated with $50,000 is to be repaid to the bank in 8 equal end-of-year payments at 10% a. Find the

Q3: [5 marks] A loan estimated with $50,000 is to be repaid to the bank in 8 equal end-of-year payments at 10% a. Find the value of the installments b. After 3 years, how much of the loan would be paid? c. How much would it cost to buy down the interest to 9%?

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