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The loan payments are $10778.50 per year. Suppose you decide to pay off the loan at time 4. How much would you have to pay
The loan payments are $10778.50 per year. Suppose you decide to pay off the loan at time 4. How much would you have to pay (including the time 4 payment), assuming there are no penalties for early repayment?
(FIRST PART OF QUESTION FOR CONTEXT) Suppose you take a 8 year loan of $50,000 with an interest rate of 14% and annual payments starting at the end of year 1. What are the annual loan payments?
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