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Posted on Jul 22, 2024

Suppose you are taking out a loan. You agree to pay back the loan by making annual payments at the end of each of the

Suppose you are taking out a loan. You agree to pay back the loan by making annual payments at the end of each of the next ten years.

The dollar amount of each annual payment equals $

45.20

If the annual interest rate on your loan is

7 %,

how much

money are you borrowing?

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