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A loan is repaid in 20 equal annual payments starting one year from the time the loan was made. Suppose that the first interest

A loan is repaid in 20 equal annual payments starting one year from the time the loan was made. Suppose that the first interest payment (/) is $7,877.50 and the 11th interest payment, (Iu) is $5,011.97. (a) Find the effective annual interest rate. (b) Find the amount of the annual payment. (c) Find the amount of the loan.

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