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Suppose you borrowed $27,000 at a rate of 10.5% and must repay it in 5 equal installments at the end of each of the next

Suppose you borrowed $27,000 at a rate of 10.5% and must repay it in 5 equal installments at the end of each of the next 5 years. How much interest would you have to pay in the first year?

$2,353.05

$2,466.45

$2,749.95

$2,835.00

$2,948.40

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