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(1 point) (Exercise 5.27) A borrower is repaying a loan with payments of $3960 at the end of every year over an unknown period of

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(1 point) (Exercise 5.27) A borrower is repaying a loan with payments of $3960 at the end of every year over an unknown period of time. If the amount of interest in the 5th installment is $2970, find the amount of principal in the 8th installment. Assume that interest is 8% convertible quarterly. ANSWER $

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