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Use the formula for the present value of an ordinary annuity or the amortization formula to solve the following problem. PV = $12,000; PMT =

Use the formula for the present value of an ordinary annuity or the amortization formula to solve the following problem. PV = $12,000; PMT = $400; n = 40; i = ? i=(Type an integer or decimal rounded to three decimal places as needed.)

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