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I take out an installment loan of $5,000 at an annual interest rate of 12%.
48. I take out an installment loan of $5,000 at an annual interest rate of 12%. The terms of the loan require repayment of principle and interest in three equal installments, due one year from today, two years from today, and three years from today. To the nearest dollar, what is the amount of each of the three installment payments? A. $1867. *. $2082. C. $2205. D. $2342. 49. A bond with a face value of $100 can be purchased today for $88. When the bond matures in two years, I will be able to redeem it at face value. (In other words, I pay $88 today for a promise of $100 in two years.) What is the annual rate of interest implicit in this investment? *. 6.60% b. 6.82% c. 6.98% d. 7.04% 50. The Child Labor Deterrence Act sponsored by Senator Harkin would a. outlaw child labor in the United States. B. withhold U.S.
