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5. A loan in the amount of 50,000 is to be repaid by n end of year payments. The annual effective interest rate is 7%.

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5. A loan in the amount of 50,000 is to be repaid by n end of year payments. The annual effective interest rate is 7%. The first n-1 payments are equal to four times the interest then due, and the nth and final payment is the outstanding loan balance at that time. Take n to be the smallest integer such that the final payment does not exceed 1000. Find the amount of interest in the final payment. n

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