If you borrow ($40),000 at 9 percent annual compound interest and pay it back with 7 equal

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If you borrow $$40$,000 at 9 percent annual compound interest and pay it back with 7 equal annual payments, what will be the size of each payment if the first payment occurs 1 year after borrowing the $$40$,000?

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To find the size of each payment for repaying the loan we can use the formul...View the full answer

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Asim farooq

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