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You are thinking about buying a piece of art that costs $30,000.The art dealer is proposing the following deal: He will lend you the money,
You are thinking about buying a piece of art that costs $30,000.The art dealer is proposing the following deal: He will lend you the money, and you will repay the loan by making the same payment every two years for the next 30 years.(i.e, a total of 15 payments.) If the interest rate is 9% per annum compounded annually, how much will you have pay every two years?
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