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28-09-2022
Business

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Imagine you are finally able to buy your first classic sports car. To do so, you have arranged to borrow $72,500 from your local savings and loan association. The interest rate on the loan is 5. 0%. To simplify the calculations, assume that you will repay your loan over the next seven years by making annual payments at the end of each year. According to the loan officer at the savings and loan association, you must answer the following questions before you can go pick up your new car

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