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You have a 7-year loan of $40,000. The borrower will pay $2,500 at the end of Year 1, $8.500 at the end of Year 2

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You have a 7-year loan of $40,000. The borrower will pay $2,500 at the end of Year 1, $8.500 at the end of Year 2 and $7.500 at the end of Year 3. plus Xat the end of each year from Year 4 through Year 7. X is the fixed but unspecified cash flow. The loan's rate is 8%. What is ? 59,296,89 $11,200.51 $13,455.27 un 01 02

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