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A loan of 2 0 , 0 0 0 is to be repaid with payments at the end of each year for ten years. The

A loan of

20, 000

is to be repaid with payments at the end of each year for ten years. The first payment is

.

Each subsequent payment is

6 %

greater than the preceding payment.

The loan payments are based on an annual effective interest rate of

10 % .

Calculate the loan balance immediately after the eighth payment.

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