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You are buying an automobile that costs $15,000. You are paying $5,000 immediately and the remaining $10,000 in four annual end-of-year principal payments of $2,500
You are buying an automobile that costs $15,000. You are paying $5,000 immediately and the remaining $10,000 in four annual end-of-year principal payments of $2,500 each. In addition to the $2,500, you must pay 12% interest on the unpaid balance of the loan each year. Prepare a cash flow table to represent your cash outlay per year.
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