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Suppose that you agree to take out a loan from the bank with the following terms. One year from today, you will make a $1,200
Suppose that you agree to take out a loan from the bank with the following terms. One year from today, you will make a $1,200 payment to the bank, three years from today, you will receive $1,000 from the bank on the same loan, and in 5 years you will pay the bank $10,000 which is the remaining balance on the loan. If the interest rate is 4.3% p.a., find the size of the loan you will receive from the bank today.
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