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A loan totalling $2,000 is obtained today. The weekly interest is pegged at 5%. However, the borrower is unable to repay at a stipulated 4-week
A loan totalling $2,000 is obtained today. The weekly interest is pegged at 5%. However, the borrower is unable to repay at a stipulated 4-week timeline. At this time, both parties decide upon a payment method where the balance is to be paid in 10 uniform payments every 4 weeks at an interest rate of 15%. The first payment of this new plan begins 4 weeks after the decision was made to pursue the new payment plan. Given this situation, what is the required uniform payment for the 10 uniform payments?
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