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(2 points) (Exercise 5.29) A loan is repaid with payments which start at $400 the first year and increase by $50 per year until a

(2 points) (Exercise 5.29) A loan is repaid with payments which start at $400 the first year and increase by $50 per year until a payment of $1100 is made, at which time payments cease. If interest is 3% effective, find the amount of principal in the 7th payment

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