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Time Value of Money Exercise: Question 8: You borrow $1,000 at a 10 percent annual rate to be repaid in 3 equal payments at the

Time Value of Money Exercise:

Question 8: You borrow $1,000 at a 10 percent annual rate to be repaid in 3 equal payments at the end of each of the next 3 years. How large is the total interest payment over the three years?

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