Question: Larry borrows 17600 dollars from Moe at an effective rate of 8.8 percent, and agrees to make 12 equal annual payments (the first a year

Larry borrows 17600 dollars from Moe at an effective rate of 8.8 percent, and agrees to make 12 equal annual payments (the first a year from now) to repay the loan. Immediately after Larry makes the seventh payment, Moe sells the loan to Curly. If Moe's total yield rate is 7 percent effective, how much does Curly pay for the loan?

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