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What is the final payment

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To pay off a personal loan of $15,000 (principle) by the end of year 5, you plan to make three payments of $4,000 at the end of year 2, $8,000 at the end of year 4 and the remaining at the end of year 5. If the loan requires an interest rate of 7.2% p.a compounding annually, what is the final payment that you need to make to pay off this loan?

Reference no: EM132978922

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