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Suppose a business takes out a $ 5 , 0 0 0 , five - year loan at 9 percent. The loan agreement calls for

Suppose a business takes out a $5,000, five-year loan at 9 percent. The loan agreement calls for the borrower to pay the interest on the loan balance each year and to reduce the loan balance each year by $1,000. Because the loan amount declines by $1,000 each year, it is fully paid in five years. What are the annual payments

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