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Suppose you borrow $20,000. You are going to repay the loan by making equal annual payments at the end of the next three years. The

Suppose you borrow $20,000. You are going to repay the loan by making equal annual payments at the end of the next three years. The interest rate on the loan is 10 percent per year. 33.

What is the annual payment?

A. $2,000.00 B. $6,042.30 C. $8,042.30 D. $9,666.67 34.

How much interest will you pay over the life of the loan?

A. $731.12 B. $1,395.77 C. $2,000.00 D. $4,126.89

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