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3. (12 pts) A 4n year loan is to be paid back with level payments at the end of each year. Suppose that P =

3. (12 pts) A 4n year loan is to be paid back with level payments at the end of each year. Suppose that P = 0.85. (a) After n years, what proportion of the original loan is still owed? (b) What proportion of the (n + 1)" payment is principal and what proportion is interest? Hint: Find the principal first using a formula

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