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You are going to buy a car for 35000 today. A bank will lend you $30,000 to purchase the car, which needs to be paid
You are going to buy a car for 35000 today. A bank will lend you $30,000 to purchase the car, which needs to be paid back over five years with annual payments. What will the annual payments be? You will make your first payment in one year and your fifth and final payment in five years. Assume that the correct discount rate is 10%
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