You borrow $100,000 today at an interest rate of 8%. The loan is set up...
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Finance
You borrow $100,000 today at an interest rate of 8%. The loan is set up as a 5-year loan, with equal annual payments of $20,000 at the end of each year. What will be the balance, if any, on this loan at the end of the five years?
A. $164,264.83
B. $117,599.80
C. $29,600.79
D. $267.78
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