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Sion, Inc. is borrowing $ 2 0 0 , 0 0 0 today for seven years. The loan is an interest - only loan with

Sion, Inc. is borrowing $

200, 000

today for seven years. The loan is an interest

-

only loan with an APR of

9

percent with the principal to repaid in seven years. Interest payments are to be made annually. What is the amount of the annual interest payment?

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