Question: Problem 9. (1 point) A business borrows 55000 dollars at an effective rate of interest of 9 percent. The loan is to be repaid with

Problem 9. (1 point) A business borrows 55000 dollars at an

Problem 9. (1 point) A business borrows 55000 dollars at an effective rate of interest of 9 percent. The loan is to be repaid with 12 equal annual payments, the first coming a year from now. How much is each annual payment? Answer = dollars

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