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A loan is repaid with annual year-end payments of 15,000. The effective rate of interest is 3%. How much interest is paid in the final
A loan is repaid with annual year-end payments of 15,000. The effective rate of interest is 3%. How much interest is paid in the final payment?
Note: you are not given the original amount of the loan nor are you given the number of payments. This problem, however, can be solved.
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