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A loan of $130000 is made at time to. The loan is to be repaid with payments at the end of each year. The loan
A loan of $130000 is made at time to. The loan is to be repaid with payments at the end of each year. The loan has an annual effective rate of interest of i = 7.1%. The first payment at time t=1 is $14000. Each payment thereafter is decreased by $300. Determine the balance on the loan after the 9th payment. Hint: The Retrospective method is the most direct method for solving the problem. Enter your answer to the nearest cent
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