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Question
Suppose you borrowed $15,000 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years. By how much would you reduce the amount you owe in the first year?a. $2,404.91
b. $2,531.49
c. $2,658.06
d. $2,790.96
e. $2,930.51
Answer
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