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Suppose an engineering student borrows $25,000 at a 3% interest rate compounded annually. You plan on repaying the loan in 5 equal annual payments. (a)How
Suppose an engineering student borrows $25,000 at a 3% interest rate compounded annually. You plan on repaying the loan in 5 equal annual payments.
(a)How much will the annual payment be?
(b)How much of your first payment will go toward principal?
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