What annual payment is required to pay off a four-year, $12,000 loan if the interest...
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What annual payment is required to pay off a four-year, $12,000 loan if the interest rate being charged is 7 percent EAR? What would the monthly payments be for the same loan assuming the same interest rate? Use Exhibit 1B-4. (Round time value factors to 3 decimal places and final answers to the nearest dollar amount. Omit the "$" sign in your response.) Annual payment $ Monthly payment $
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