You are interested in taking out a loan of $30,000 from your local bank. The...
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You are interested in taking out a loan of $30,000 from your local bank. The bank charges you an interest rate of 5% per year, and you would like to repay the loan in ten equal annual instalments, each one paid at the end of the year. How much would you need to pay to the bank at the end of each year? A) $3,000. B) $3,634.22. C) $3,885.14. D) $3,998.62.
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