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What would be the annual end of year payments

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Reference no: EM131122093

Lobo Banks normally provides term loans that require repayment in a series of equal annual installments. If a $10 million loan is made, what would be the annual end-of-year payments, assuming the following? 

a. A 10 percent loan for 12 years

b. A 10 percent loan for 9 years

c. A 6 percent loan for 8 years

Reference no: EM131122093

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