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Recently you borrowed money for a new car. The loan amount is $15,000 to be paid back in equal annual payments which begin today, and

Recently you borrowed money for a new car. The loan amount is $15,000 to be paid back in equal annual payments which begin today, and will continue to be payable at the beginning of each year for a total of five years. Interest on the loan is 8%. What is the amount of the loan payment?

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