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What will be your annual loan payments

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Question - You need $11,000 to purchase a used car. Your wealthy uncle is willing to lend you the money as an amortized loan. He would like you to make annual payments for 5 years, with the first payment to be made one year from today. He requires a 7% annual return. Do not round intermediate calculations. Round your answers to the nearest cent.

What will be your annual loan payments?

How much of your first payment will be applied to interest and to principal repayment?

Reference no: EM133035224

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