Question: Al borrows 5 0 , 0 0 0 for 1 0 years at a 7 . 6 % annual effective rate. For the first 3

Al borrows 50,000 for 10 years at a 7.6% annual effective rate. For the first 3 years, he makes annual payments of only 3,000. What should be his level-annual payments for the rest of 7 years?

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