Question: Hi please help me with the problem below, make sure write down detailed steps, thank you! Problem 12.8 A borrower is repaying a loan by

Hi please help me with the problem below, make sure write down detailed steps, thank you!

Hi please help me with the problem below, make sure write down

Problem 12.8 A borrower is repaying a loan by making payments of 1,000 at the end of each of the next 3 years. The interest rate on the loan is 5% compounded annually. What payment could the borrower make at the end of the first year in order to extinguish the loan

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