What is the amount in dollars of the loan you took today

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Reference no: EM132030239

Today, you are taking out a loan. The loan does not require any payments until 3 years from now. The first payment will be for $325. The payments will then increase by $80 every year after that until a total of 10 payments are made.

The interest rate on the payments is 4%. What is the amount, in dollars, of the loan you took today?

Reference no: EM132030239

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