How much will you have to pay every two years

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You are thinking about buying a piece of art that costs $40,000. The art dealer is proposing the following deal: He will lend you the money, and you will repay the loan by making the same payment every two years for the next 10 years (i.e.. a total of 5 payments). If the interest rate is 6% per year, how much will you have to pay every two years?

Reference no: EM131837606

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