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What is x the amount of regular-fixed annual payment

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Quantum Pizza took out a loan from the bank today for 24,500 dollars. The loan requires Quantum Pizza to make a special payment of 10,100 dollars to the bank in 7 years and also make regular, fixed payments of X to the bank each year forever. The interest rate on the loan is 15.63 percent per year and the first regular, fixed annual payment of X will be made to the bank in 1 year. What is X, the amount of the regular, fixed annual payment?

Reference no: EM132465452

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