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A loan is repaid with monthly payments that start at $320 at the end of the first month and increase by $5 each month until

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A loan is repaid with monthly payments that start at $320 at the end of the first month and increase by $5 each month until a payment of $950 is made, after which they cease. If the annual effective interest rate is 4%, find the amount of principal in the sixtieth payment. (Round your answer to the nearest cent.) $ 612.95

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