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A loan of 20,000 is being repaid by 20 semi-annual payments, with the first payment made one-half year after the loan. The first ten payments

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A loan of 20,000 is being repaid by 20 semi-annual payments, with the first payment made one-half year after the loan. The first ten payments are K each and the final ten payments are K+200 each. Find K if the effective annual interest rate is 12%. 1, 480 1, 548 1, 553 1, 573 1, 647

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