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You need $11,000 to purchase a used car. Your wealthy uncle is willing to lend you the money as an amortized loan. He would like
You need $11,000 to purchase a used car. Your wealthy uncle is willing to lend you the money as an amortized loan. He would like you to make annual payments for 5 years, with the first payment to be made one year from today. He requires a 6% annual return. a.What will be your annual loan payments? B. How much of your first payment will be applied to interest and to principal repayment?
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