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How much are the annual loan payments

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Problem 1: Your firm wants to take a loan of $80,000 to buy a warehouse. The bank offers you a 30-year loan with equal annual payments and an interest rate of 8% per year. How much are the annual loan payments?

a. $8882.74

b. $7950.19

c. $710.62

d. $7106.19

e. $9937.73

Reference no: EM132779353

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