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Question 1 8 p A new book store takes out a $2,848.32 loan to purchase bookshelves. The loan is amortized over 5 years at 7.88%

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Question 1 8 p A new book store takes out a $2,848.32 loan to purchase bookshelves. The loan is amortized over 5 years at 7.88% annual interest rate. Calculate the annual payments on the loan. Round your answer to 2 decimal places. (For example 2.437 = 2.44)

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