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TT 3-20 Sally Stanford is buying an automobile that costs 12,000. She will pay 2000 immediately and the remaining 10,000 in four annual end-of-year prin-

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TT 3-20 Sally Stanford is buying an automobile that costs 12,000. She will pay 2000 immediately and the remaining 10,000 in four annual end-of-year prin- cipal payments of 2500 each. In addition to the 2500, she must pay 15% interest on the unpaid bal- ance of the loan each year. Prepare a cash flow table to represent this situation

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