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You get a $25,000 loan that you need to pay back in 20 yearly payments....

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Finance

You get a $25,000 loan that you need to pay back in 20 yearly payments.
You start your first payment in year 4. So, no payments for the first 3 years. You still
pay 20 payments. Calculate the amount of each payment. Interest is compounded
yearly. Rate is 9%

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