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Computing the five annual payments

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You borrowed some money at 8 percent per annum. You repay the loan by making three annual payments of $ 202 (first payment made at t = 1), followed by five annual payments of $ 536, followed by four annual payments of $ 874. How much did you borrow? (Round your answer to 2 decimal places; record your answer without commas and without a dollar sign).

Reference no: EM131115420

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