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3. You borrowed $10,000 and agreed to pay $1000 per year. Interest is 6%. After 5 years you miss the payments in years 6 and

3. You borrowed $10,000 and agreed to pay $1000 per year. Interest is 6%. After 5

years you miss the payments in years 6 and 7. You begin making payments again

in year 8, with the payment amount now being $1500. What will be the amount

of the last payment?

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