Question: If you borrow $ 1 5 , 5 0 0 with a 5 percent interest rate to be repaid in seven equal payments at the

If you borrow $15,500 with a 5 percent interest rate to be repaid in seven equal payments at the end of the next seven years, what would be the amount of each payment? Use Exhibit 1-D.(Round your PVA factor to 3 decimal places and final answer to 2 decimal places.)

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