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You borrow $100,000 at an annual rate of 8% for a 10-year period and repay with 10 equal annual end-of-the-year payments of $14,902.95. You have
You borrow $100,000 at an annual rate of 8% for a 10-year period and repay with 10 equal annual end-of-the-year payments of $14,902.95. You have just repaid what type of loan?
a) Amortized loan
b) Interest-only loan
c) Discount loan
d) Compound loan
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