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A loan of $20000 is to be repaid with monthly payments starting six months after the date of the loan. Each of the first six
A loan of $20000 is to be repaid with monthly payments starting six months after the date of the loan. Each of the first six payments are half the size of each subsequent payment. The last payment will be at the end of 3 years (so 30 payments in total). The effective rate of interest is 6%. Find the size of the final payment. A loan of $20000 is to be repaid with monthly payments starting six months after the date of the loan. Each of the first six payments are half the size of each subsequent payment. The last payment will be at the end of 3 years (so 30 payments in total). The effective rate of interest is 6%. Find the size of the final payment
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