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You wish to borrow $ 8,000 from a bank at a 17% annual rate of interest. The bank agreed for a repayment in the form

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You wish to borrow $ 8,000 from a bank at a 17% annual rate of interest. The bank agreed for a repayment in the form of three equal end of the year annual repayments.(1+1) a) What amount you would be paying annually. b) Explain why the interest portion of each payment is declining with the passage of time

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