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A loan of X is o be repaid with equal payments Please solve by hand writing. Question 11.08 A loan of X is to be

A loan of X is o be repaid with equal payments

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Please solve by hand writing.

Question 11.08 A loan of X is to be repaid with equal payments at the end of each year for n years. The principal repaid with the sixth payment is 1,015.13. The annual effective interest rate of the loan is 7%. Calculate the principal repaid with the first payment. A 652 B 676 C 700 D 724 E 748

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