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You need $11,000 to purchase a used car. Your wealthy uncle is willing to lend you the money as an amortized loan. He would like you to make annual payments for 5 years, with the first payment to be made one year from today. He requires a 6% annual return. How much of your first payment will be applied to interest and to principal repayment? What is the Principal repayment amount?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91789695

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