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Calculate the annual end-of-year loan payment

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Question - Stacey borrowed $400,000 from Get Money Now Bank Ltd to purchase one lot of land. The annual rate of interest on the loan is 6% and it is to be repaid over 5 years. The loan is amortized into five (5) equal, annual, end-of-year payments. Calculate the annual end-of-year loan payment?

Reference no: EM133066266

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