Question: Today, you signed a 20-year long-term note to borrow $48,350, with a 6% interest rate. You will pay-off the borrowing with 20 annual payments (annuity)

Today, you signed a 20-year long-term note to borrow $48,350, with a 6% interest rate. You will pay-off the borrowing with 20 annual payments (annuity) each payed at the end of the following 20 years, starting one year from today. What is the amount of each payment?

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