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A loan is to be repaid by annual payments of X at the end of each year for 10 years. The annual effective interest rate
A loan is to be repaid by annual payments of X at the end of each year for 10 years. The annual effective interest rate is level during the life of the loan. The total principal repaid in the first 3 years is 290.35 and the total principal repaid in the last 3 years is 408.55.
Calculate the total amount of interest paid during the life of the loan.
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