What will be total interest that you will be required to pay

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Reference no: EM131535118

Suppose that you want to borrow $50, 000 and repay it in equal quarterly instalments over five years. A bank has offered to provide you with just such a loan at a fixed interest rate of 7.5% per annum. If you take out this loan, what will be the size of your annual repayments? What will be the total interest that you will be required to pay?

Reference no: EM131535118

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