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A demand loan of $10 000 is repaid by payments of $5000 in one year, $6000 in four years, and a final payment in six
A demand loan of $10 000 is repaid by payments of $5000 in one year, $6000 in four years, and a final payment in six years. Interest on the loan is 10% compounded quarterly during the first year, 8% compounded semi-annually for the next three years, and 7.5 % compounded annually for the remaining years. Determine the final payment.( Please include the steps)
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