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A bank customer borrows X at an annual effective rate of 12.5% and makes level payments at the end of each year for n years
A bank customer borrows X at an annual effective rate of 12.5% and makes level payments at the end of each year for n years (which fully repays the loan). (i) The interest portion of the final payment is 142.78. (ii) The total principal repaid as of time (n 1) is 6009.12. (iii) The principal repaid in the first payment is Y . Calculate Y
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