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Thanks for the help in advance. You borrow $13,859 and repay the loan with 5 equal annual payments. The first payment occurs at the end
Thanks for the help in advance.
You borrow $13,859 and repay the loan with 5 equal annual payments. The first payment occurs at the end of year 1 and you pay 14% annual compound interest. If you decide to pay off the loan after 4 years. What is the payoff amount due at the end of the 4th year?
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