Paul lends 4800 to Peter. Peter agrees to pay it back in 14 annual installments...
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Paul lends 4800 to Peter. Peter agrees to pay it back in 14 annual installments at 8% with the first payment due in one year. After making 6 payments, Peter renegotiates to pay off the debt with 3 additional annual payments. The new payments are calculated so that Paul will get a 7.5% annual yield over the entire 9-year period. Determine how much money Peter saved by renegotiating. [6.a #10] 978 1,007 1,095 1,066 1,036
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