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Suppose that you want to borrow $50, 000 and repay it in equal quarterly instalments over five years. A bank has offered to provide you

Suppose that you want to borrow $50, 000 and repay it in equal quarterly instalments over five years. A bank has offered to provide you with just such a loan at a fixed interest rate of 7.5% per annum. If you take out this loan, what will be the size of your annual repayments? What will be the total interest that you will be required to pay?

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