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Suppose you borrowed $ 1 5 , 0 0 0 at a rate of 6 % and must repay it in 4 equal installments at

Suppose you borrowed $

15, 000

at a rate of

6 %

and must repay it in

4

equal installments at the end of each of the next

4

years. How much would you still owe at the end of the second year, after you have made the second payment?

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