You borrowed 10000 and the bank required annual end-of-year, Ask an Expert

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You borrowed 10000 and the bank required annual end-of-year payments for 10 years at a nominal annual interest rate of 6%. It is the end of year 5 and you want to pay off the loan. About how much would it cost you to pay off the loan?

a)10000
b)5723.01
c)5000
d)6413.20

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