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You borrowed $ 1 6 , 0 0 0 from a friend and promised to pay the loan in 1 2 equal annual installments beginning

You borrowed $

16, 000

from a friend and promised to pay the loan in

12

equal annual installments beginning one year from the date of the loan. Your friend would like to be reimbursed for the time value of money at a

9 %

annual rate. What is the annual payment you must make to pay back your friend?

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