# Annual interest

A loan of 10 000 euro is to be repaid in annual payments over 10 years. Assuming a fixed 10% annual interest rate compounded annually, calculate:

(a) the amount of each annual repayment
(b) the total interest paid.

Correct result:

a =  1627.45 Eur
i =  6274.54 Eur

#### Solution:

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