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Vicki takes out a 12-year loan. The loan is repaid by making 12 level annual repayments at the end of each year. The annual effective

Vicki takes out a 12-year loan. The loan is repaid by making 12 level annual repayments at the end of each year. The annual effective interest rate being charged on the loan is 6%. The amount of interest repaid during the first year is equal to 900 . Calculate the annual payment. (Hint: find the initial loan amount first)

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