Determine the size of the first end of period payment.

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The manager of a small cleaning company applies for a $20,000 loan at an interest rate of 8% per year. He will repay the loan over 6 years with annual payments. The third through sixth payments are $1000 greater than the first two. Determine the size of the first (end of period 1) payment.

Reference no: EM13159339

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