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A loan amount of 10,000 is made on January 1,2000 . A single payment of 4,000 is made December 31, 2003 and the balance of

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A loan amount of 10,000 is made on January 1,2000 . A single payment of 4,000 is made December 31, 2003 and the balance of the loan is repaid December 31, 2005. The interest rate is 7% compounded annually. How much interest was in the final payment? (Ans. 1319.74 )

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