Question: John Smith took out a student loan to complete his four-year engineering degree. He borrowed $5000, four years ago when the interest rate was 5%

John Smith took out a student loan to complete his four-year engineering degree. He borrowed $5000, four years ago when the interest rate was 5% per year. A further $6000 was borrowed 3 years ago at 3% per year. Two years ago he borrowed $6000 at 6% and last year $7000 was borrowed at 8% per year. If Smith makes annual payments to repay his total debt payments up to 10 years with 8% fixed annual interest rate. What is the amount of each payment?

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