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Amortized loans and amortization schedule problem

An amortized loan is repaid with annual payments which start at 400 at the end of the first year and increase by 45 each year until a payment of 1480 is made, after which they cease. If interest is 4% effective, find the amount of principal in the fourteenth payment.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91602397

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