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A 1 000 000 business loan with an annual effective rate of

A $1, 000, 000 business loan with an annual effective rate of 15% is being repaid with annual payments of $200, 000 plus a smaller final payment. The first payment is due one year after the loan is taken out. Determine the interest portion of the final payment.

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Financial Management: A 1 000 000 business loan with an annual effective rate of

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Financial Management: A 1 000 000 business loan with an annual effective rate of

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