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A man receives a loan of $X. A payment of $937 is made 79 days later. A second payment of $886 is paid 107 days
A man receives a loan of $X. A payment of $937 is made 79 days later. A second payment of $886 is paid 107 days after the first payment. A third payment of $302 is due 38 days after the second payment, after which the loan balance is 0. The loan is charged a simple interest rate of r = 7.75%. What is X, if the Declining Balance Method is used?
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