[Solved] You can borrow 8 , 0 0 0 for 4 years at t

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You can borrow 8 , 0 0 0 for 4 years at the annual interest rate of 6 percent. The terms are that the loan

You can borrow

8, 000

for

4

years at the annual interest rate of

6

percent. The

terms are that the loan plus interest must be repaid in four equal annual

instalments. Calculate the total interest you will pay over the life of the loan.

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