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(Loan amortization) On December 31, Son-Nan Chen borrowed $110 comma 000, agreeing to repay this...

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Finance

(Loan amortization) On December 31, Son-Nan Chen borrowed $110 comma 000, agreeing to repay this sum in 23 equal end-of-year installments and 15 percent interest on the declining balance. How large must the annual payments be?

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