How large is the total interest payment over the three years

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If you have $30,000 in a savings account earning 10%, how large an annuity can you draw out each year if you want nothing left at the end of 8 years? You borrow $6,000 at a 10% annual rate to be repaid in 3 equal payments at the end of each of the next 3 years. How large is the total interest payment over the three years?

Reference no: EM13870746

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