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What annual payment is required to pay off a four-year, $28,000 loan if the interest rate being charged is 8 percent EAR? What would the

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What annual payment is required to pay off a four-year, $28,000 loan if the interest rate being charged is 8 percent EAR? What would the monthly payments be for the same loan assuming the same interest rate? Use Exhibit 1B-4. (Round time value factors to 3 decimal places and final answers to the nearest dollar amount. Omit the "\$" sign in your response.)

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