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Use formula to solve this problem (No Excel Please) Question 8 A loan is repaid with equal annual payments of $450 at the end of

Use formula to solve this problem (No Excel Please)

Question 8 A loan is repaid with equal annual payments of $450 at the end of each year for 10 years. AEIR-3% for the first five years and 5% thereafter What must have been the amount of this loan? A. 3838.59 B. 3158.86 C.3741.46 D. 4009.13 E The answer does not appear here

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