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What is the amount of the first annual payment

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Question 1: Trucker School Ltd is borrowing $195,000 today for four years. The loan is an interest-only loan with an APR of 5.65 percent. Payments are to be made annually. What is the amount of the first annual payment?

Question 2: Jeffries & Sons is borrowing $95,000 for four years at an APR of 7.05 percent with monthly compounding. What is the amount of Jeffries & Sons' monthly payment on this loan?

Reference no: EM132564441

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