Question: If you borrow $ 1 , 0 0 0 and agree to repay the loan in five equal annual payments at an interest rate of

If you borrow $1,000 and agree to repay the loan in five equal annual payments at an interest rate of 12%, what will your payment be?
Note: Do not round intermediate calculations. Round your answer to 2 decimal places
What will your payment be if you make the first payment on the loan immediately instead of at the end of the first year?

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