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Problem (4-1) You have just taken out a five-year loan from a bank to buy an engagement ring. The ring costs $5000. You plan to put down$1000 and...

Problem (4-1)
You have just taken out a five-year loan from a bank to buy an engagement ring. The ring costs $5000. You plan to put down$1000 and borrow $4000. You will need to make annual payments of $1000 at the end of each year. Show the timeline of the loan from your perspective. How would the timeline differ if you created it from the bank’s perspective?

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