Calculate the annual end-of-year loan payment

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Question: Malcolm Jones borrowed $22,000 at a 13 percent annual interest rate to be repaid over three years. The loan is amortized into five equal annual end-of-year payments. Calculate the annual end-of-year loan payment. The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

Reference no: EM131982323

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