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You just took out a $20000 loan for your small business. The loan has a 9 year term and repayment is in the form of

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You just took out a $20000 loan for your small business. The loan has a 9 year term and repayment is in the form of 9 equal end-of-year payments. The interest rate on the loan is 5.75%. What is your total interest expense in the second year of the loan

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