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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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