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April 21, 2014

Homework Help: Finance

Posted by Mary on Monday, February 8, 2010 at 12:06am.

Mrs. Smith borrowed $20,000 from Last National Bank. She will repay the loan with 5 annual payments and her interest rate is 14%. a) Find the amount of her annual payments. b) What is her loan balance after she has made her 3rd annual payment?

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