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You want to take out a loan for $25,000. The bank offers you a loan...

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Finance

You want to take out a loan for $25,000. The bank offers you a loan which is to be paid back in equal annual payments at the end of each of the next five years. The annual interest rate is 4%. The annual year-end payments will cover both interest and principal; there will be no other payments. What will your annual loan payment be?

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