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3. A loan is made for 60,000 and repaid by n end of year payments. The annual effective interest rate is 9%. For the first
3. A loan is made for 60,000 and repaid by n end of year payments. The annual effective interest rate is 9%. For the first n - 1 payments, the payment is equal to twice the interest due on the unpaid balance. (a) Find the smallest n such that the final payment does not exceed 1000. (b) Refer to (a). What is the amount of the final payment
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