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1) You take out a 40 year loan with effective annual interest i = .05 and yearly payments at the end of each year being

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1) You take out a 40 year loan with effective annual interest i = .05 and yearly payments at the end of each year being $10,000 for the first 20 years, and then $15,000 for the next 20 years. Find the outstanding balance after the fourth payment. Also find the outstanding balance after the 37th payment

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