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You have an outstanding loan that you would like to pay off. The loan has a 1 0 % interest rate and currently requires annual

You have an outstanding loan that you would like to pay off. The loan has a

10 %

interest rate and currently requires annual paymemts of $

10, 000

at the end of each of the next

9

years. If you were to make a lump sum payment today after maming the

9

remaining payments ot pay off the loan, how much would you have to pay today? LOI and LO

3

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