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A loan of $5,000 is repaid with equal quarterly principal repayments and interest on the outstanding balance. The interest rate charged on the loan is

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A loan of $5,000 is repaid with equal quarterly principal repayments and interest on the outstanding balance. The interest rate charged on the loan is an annual effective rate of 21.55%. The debt is repaid with 20 quarterly payments. The first payment is made at the end of the first quarter. Calculate the total payment in the first year. 1658 B 1725 1808 D 1858 E 1925

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