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# a. If you borrow $2,000 and agree to repay the loan in six equal annual payments at an interest rate of 11%, what will your payment be?

**a. **If you borrow $2,000 and agree to repay the loan in six equal annual payments at an interest rate of 11%, what will your payment be? **(Do not round intermediate calculations. Round your answer to 2 decimal places.)**

**b. **What will your payment be if you make the first payment on the loan immediately instead of at the end of the first year? **(Do not round intermediate calculations. Round your answer to 2 decimal places.)**