Compute the amount of the annual instalment

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Reference no: EM131091814

You borrowed $21,061.82 to finance the educational expenses for your senior year of college. The loan will be paid off over five years. The loan carries an interest rate of 6% per year and is to be repaid in equal annual instalments over the next five years. Assume that the money was borrowed at the beginning of your senior year and that the first instalment will be due a year later. Compute the amount of the annual instalment.

Reference no: EM131091814

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