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A loan of $ 1 0 , 0 0 0 today is to be repaid by annual payments of $ 8 0 0 to commence

A loan of $

10, 000

today is to be repaid by annual payments of $

800

to commence one year from now and continue thereafter for as long as necessary. The effective rate of interest is

6 % .

Compute the amount of the final payment if it is to be larger than the regular payments.

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