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You are considering borrowing $120,000 for 30 years at a compound annual interest rate of 8 percent. The loan agreement calls for 30 equal annual

You are considering borrowing $120,000 for 30 years at a compound annual interest rate of 8 percent. The loan agreement calls for 30 equal annual payments, to be paid at the end of each of the next 30 years. (Payments include both principal and interest.) What is the annual payment that will fully amortize the loan?

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