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A loan of $20,000 at an annual effective interest rate of 5% is to be repaid by annual end-of-year payments of $6000. Find the total

A loan of $20,000 at an annual effective interest rate of 5% is to be repaid by annual end-of-year payments of $6000. Find the total length of the loan and the amount of the final payment if (1) the final payment is paid during the year following the last regular payment. (Answer: 3.7369 years, $4,392.91)

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