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A loan is being repaid with 30 annual payments of 500 each. With the 12th payment, the borrower pays an extra 1500, and then repays

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A loan is being repaid with 30 annual payments of 500 each. With the 12th payment, the borrower pays an extra 1500, and then repays the balance over 10 years with a revised annual payment. The effective rate of interest is 696 Calculate the amount of the revised annual payment. Select one: O A 488 OB 557 OC. 503 OD 532 OE 579

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