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Posted on Aug 14, 2024

A loan is to be repaid with a 2 0 - year annuity that makes its first payment in the amount of 5 0 0

A loan is to be repaid with a

20 -

year annuity that makes its first payment in the amount of

500

in five years. Thereafter, the remaining

19

payments increase by

250

per year.Calculate the amount of the loan at an annual effective interest rate of

6 % .

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