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You just took out a $12,000 loan for your small business. The loan has a four year term and repayment is in the form of

You just took out a $12,000 loan for your small business. The loan has a four year term and repayment is in the form of four equal endofyear payments. The interest rate on the loan is 11.5%. Consider the final loan payment. WHAT IS YOUR TOTAL INTEREST EXPENSE IN THE FIRST YEAR OF THE LOAN?

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