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When you purchased your car, you took out a five-year annual-payment loan with an interest rate of 5% per year. The annual payment is $10,000.

When you purchased your car, you took out a five-year annual-payment loan with an interest rate of 5% per year. The annual payment is $10,000. You have just made the second payment yesterday and have decided to pay off the outstanding balance on the loan. What is the payoff amount today?

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