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Calculate the amount of the payment that the firm must make

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Question 1: A firm plans to borrow €50,000 for five years. The local bank will lend the money at a rate of 9% and requires that the loan be paid off in five equal end-of-year payments. Calculate the amount of the payment that the firm must make in order to fully amortize this loan in five years.

Reference no: EM132750079

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