Amount of each payment
Problem:
If you borrow $9,000 with a 6 percent interest rate, to be repaid in five equal yearly payments, what would be the amount of each payment? Explain in detail.
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Pete Morton is planning to go to graduate school in a program of study that will take three years. Pete wants to have $10,000 available each year for various school and living expenses.
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What is the minimum salary Brad would need at his new job to maintain the same standard of living? Please explain in detail and show your work.
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