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(5 marks) A loan of $10000 is being repaid with level payments at the end of each year over 10 years. Assuming 10% effective interest
(5 marks) A loan of $10000 is being repaid with level payments at the end of each year over 10 years. Assuming 10% effective interest per year, the borrower pays an extra X dollars with their 5th payment which allows the same level payments to exactly pay off the loan two years earlier. Find X
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