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Olivia borrows $4,500 at 12 percent annually compounded interest to be repaid in four equal annual installments. The actual end-of-year payment is: Pick the closest answer. O $1,323 O $1,298 O $1,482 O $1,518 Please show proper step by step calculation

Olivia borrows $4,500 at 12 percent annually compounded interest to be repaid in four equal annual installments. The actual end-of-year payment is: Pick the closest answer. O $1,323 O $1,298 O $1,482 O $1,518 Please show proper step by step calculation

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Olivia borrows $4,500 at 12 percent annually compounded interest to be repaid in four equal annual installments. The actual end-of-year payment is: Pick the closest answer. O $1,323 O $1,298 O $1,482 O $1,518 

 

Please show proper step by step calculation 

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