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QUESTION 1 You receive a 3-year $22,000 loan with an interest rate of 12% p.a., to be repaid in three annual installments. The loan requires

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QUESTION 1 You receive a 3-year $22,000 loan with an interest rate of 12% p.a., to be repaid in three annual installments. The loan requires that you make two equal total payments of $4,000 at t = 1 and t = 2, with the remaining loan balance paid at maturity. What is the total payment amount at t = 3, rounded to the nearest dollar

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