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nw score : 28.39 % , 2.83 of 10 pts 5-47 (similar to) Question Help * oan payment Determine the equal, annual, and-of year payment requirod each year over the lMe or the loan shown in the folowing table to repay it lily during the stated torm of the loan (Click on the loon located on the top-right comer of the data table below in order to copy its contents into a spreadsheet.) Principal $9,000 Interest rate 8% Term of loan (years) 18 The amount of the equal, annual, ond-of-year payment, CF, is S(Round to the nearost cent of Enter your answer in the answer box and then click Check Answer.
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Answer #1

Principal = $9,000
Interest Rate = 8%
Term of Loan = 18 years

Annual Payment * PVA of $1 (8%, 18) = $9,000
Annual Payment * (1 - (1/1.08)^18) / 0.08 = $9,000
Annual Payment * 9.371887 = $9,000
Annual Payment = $960.32

So, annual end of year payment is $960.32

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