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How much will owe at the end of the fourth year

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Reference no: EM132483100

Problem 1: The Stafford plan now offers student loans at 4% annual interest. After two years the interest rate will increase 6% per year. If you borrow $5,000 now and $5000 each year thereafter for a total of four installments of $5000 each, how much will you owe at the end of the fourth year? Interest is computed at the end of each year.

Reference no: EM132483100

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