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10.4 A loan of 80,000 is repayable by eight annual payments, with the first payment being made in one year's time. The first three payments

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10.4 A loan of 80,000 is repayable by eight annual payments, with the first payment being made in one year's time. The first three payments are half as much as the remaining five payments, and the annual effective interest rate is 4.5%. Calculate the loan outstanding one year before the loan is completely repaid

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