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Suppose you take out a car loan that requires you to pay $8,000 now, $4,000 at the end of year 1, and $7,000 at the

Suppose you take out a car loan that requires you to pay $8,000 now, $4,000 at the end of year 1, and $7,000 at the end of year 2. The interest rate is 4% now and increases to 7% in the next year. What is the present value of the payments

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