Question: You borrow $ 5 , 0 0 0 at 1 3 % per year and will pay off the loan in three equal annual payments

You borrow $5,000 at 13% per year and will pay off the loan in three equal
annual payments with the first occurring at the end of the fourth year after
the loan is made. The three equal annual payments will be $3,055.49.
Which of the following is true for your first payment at the end of year 4?
You borrow $5,000 at 13% per year and will pay off

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