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Borrowing on January 1, 2019, the borrower agreed to repay the loan in three equal...

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Finance

Borrowing on January 1, 2019, the borrower agreed to repay the loan in three equal installments of 1,061,208 euros each. These installments will be paid at the end of 2019, 2020, and 2021, respectively. If the loan interest rate was fixed at 2%, we need to find the loan amount. Hint: (102)^3 = 1,061,208.

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