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24-05-2023
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Miller borrows $380,000 to be paid off in four years. The loan payments are semiannual with the first payment due in six months, and interest is at 6%. What is the amount of each payment? (FV of $1, PV of $1, FVA of $1, and PVA of $1). (Use appropriate factor(s) from the tables provided.) Multiple Choice a. $54.133
b. $91,200 c. $131,674 d. $58,326

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