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A loan of $2500 has an effective interest rate of 6% annually on the first $1000 of loan balance and 4% effective annually on any

A loan of $2500 has an effective interest rate of 6% annually on the first $1000 of loan balance and 4% effective annually on any excess. Bob wants to repay this loan with level payments at the end of each year over 10 years. Find the level payment.

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