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The answer is 7,673.79, but I am not getting that answer. 1. A borrower takes out a loan of 84,000 at an annual effective discount

image text in transcribedThe answer is 7,673.79, but I am not getting that answer.

1. A borrower takes out a loan of 84,000 at an annual effective discount rate of 6%. The loan is to be repaid with annual payments of 10,000. The first payment is due four years after the loan is taken out. Calculate the amount of the drop payment. (7,673.79)

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