Willie wilson plans to borrow 20116 at the beginning of, Financial Management

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Willie wilson plans to borrow 20116 at the beginning of

Willie Wilson plans to borrow $20,116 at the beginning of each of his 5 years of college. He will repay the loan in 16 equal annual installments at the end of each year starting one year after he graduates. If the interest rate is 11.34%, how large will the installments be? Interest will accrue on Willie's loan while he is in college.

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