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(1 point) (Exercise 5.29) A loan is repaid with payments which start at $300 the first year and increase by $40 per year until a

image text in transcribed (1 point) (Exercise 5.29) A loan is repaid with payments which start at $300 the first year and increase by $40 per year until a payment of $980 is made, at which time payments cease. If interest is 7% effective, find the amount of principal in the 5 th payment. ANSWER =$

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