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Suppose you borrowed GH 1 5 , 0 0 0 at a rate of 8 . 5 % and must repay it in 5 equal

Suppose you borrowed GH15,000 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years. How much would you still owe at the end of the first year, after you have made the first payment?

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