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Reduce the amount he owes in the first year

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Bob the Builder borrowed $20,000 at a rate of 10% and must repay it in 5 equal installments at the end of each of the next 5 years. By how much would he reduce the amount he owes in the first year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 1,952.16.)

Reference no: EM132281485

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