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Suppose you borrowed $60,000 at a rate of 9.5% and must repay it in 5 equal installments at the end of each of the neat

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Suppose you borrowed $60,000 at a rate of 9.5% and must repay it in 5 equal installments at the end of each of the neat 5 years. By bow much would you reduce the amount you owe in the first year? a. $15,626.19 b. $12,000,00 c. $14,270.49 d. $9,926.19 e. $8,570.49

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