How much would you still owe at the end of the first year

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Reference no: EM132004469

Suppose you borrowed 30,000 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years.

How much would you still owe at the end of the first year, after you have made the first payment?

Reference no: EM132004469

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