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An amortized loan is repaid with the annual payments which start at 400 at the end of first year and raise by 45 each year till a payment of 1480 is made after which they cease. If interest is 4% effective, determine the amount of principal in the fourteenth payment. Looked for answers on Chegg, but none of the answers helped me. What is the step-by-step process used to find this answer?

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