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You plan to renovate an old pumping station which is a project that is supposed to take 3 years. The total loan needed for the
You plan to renovate an old pumping station which is a project that is supposed to take 3 years. The total loan needed for the repairs is $1,141,855. The municipal bond you plan to use has an interest rate of 10% and must be paid back within 14 after the construction is complete (the payments will start in year 3 and continue until year 14). What is the annual payments you need to make to repay the loan? Round your answer to the nearest whole dollar. Do not include the units
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