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Suppose you borrow $10,000. You are going to repay the loan in equal annual payments for 5 years. The interest rate on the loan is
Suppose you borrow $10,000. You are going to repay the loan in equal annual payments for 5 years. The interest rate on the loan is 14% per year. How much in interest expense (in dollars) will you pay over the life of the loan?
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