How large will the instalments be

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Willie Wilson plans to borrow $32,562 at the beginning of each of his 5 years of college. He will repay the loan in 16 equal annual instalments at the end of each year starting one year after he graduates. If the interest rate is 9.74%, how large will the instalments be? Interest will accrue on Willie's loan while he is in college.

Reference no: EM13910836

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