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You just took out a $16000 loan for your small business. The loan has a 10 year term and repayment is in the form of

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You just took out a $16000 loan for your small business. The loan has a 10 year term and repayment is in the form of 10 equal end-of-year payments. The interest rate on the loan is 14.25%. What is your total interest expense in the second year of the loan? Your

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