You are about to borrow $3,000 from a bank at an interest rate of 9% compounded annually. You are required to make three equal annual repayments in the amount of $1,185.16 per year, with the first repayment occurring at the end of year one. For each year, show the interest payment and principal payment.(adsbygoogle = window.adsbygoogle || []).push({});

I know how to do compound interest, but I don't get what this three equal annual repayments thing is. Can someone explain how to do this problem? Thanks in advance

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# Economics Problem

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