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Suppose that a loan is being repaid with 20 annual payments with the first payment coming one year from now. The first 5 payments are for $250, the next 8 are $310 each, and the final 7 are $430 each. If the effective rate of interest is 6.3%, how much interest is in the 11th payment?

Answer = $

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Financial Management, Finance

Category:- Financial Management
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