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Which is closest to the amount of each payment

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Problem 1: Alan took a loan of $10,000 to be repaid in 7 level annual payments. The first payment is due at the time he took loan. The effective annual interest rate on the loan is 6%. Which of the following is closest to the amount of each payment?

A 1791

b1736

c 1685

d 1690

e 1695

Reference no: EM132710978

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