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Amount of the payments they make each year

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K-Ville Sanitation & Garbage Disposal Corp has a $1M outstanding loan they have been paying on for 30 full years, without paying any of the principal. The loan was taken out when interest rates were high, and they were not wise enough to refinance over the years, so have been stuck with a 12% annual interest rate, making semi-annual payments. What's the amount of the payments they make each year?

Reference no: EM132389753

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