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A loan of 20,000 is being repaid by 20 semi-annual payments, with the first payment made one-half year after the loan. The first ten payments are K each and the final ten payments are K+200 each. Find K if the effective annual interest rate is 12%. (A) 1,480 (B) 1,548 (C) 1,553 (D) 1,573 (E) 1,647

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