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A loan of $11,500 is made at an effective interest rate of 6.5%. Payments are made at the end of each interest period. Each payment
A loan of $11,500 is made at an effective interest rate of 6.5%. Payments are made at the end of each interest period. Each payment equals twice the interest due until the borrower pays off the outstanding debt with a final payment of, at most, $1,600. Find the number of payments n. (Enter your answer as an integer.) payments n = Find the amount of the final payment. (Round your answer to the nearest cent.) $
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