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Alex has a loan of $25,000 which has an annual effective interest rate of 6%. The loan will be repaid with annual end-of-year payments for
Alex has a loan of $25,000 which has an annual effective interest rate of 6%. The loan will be repaid with annual end-of-year payments for 15 years. The first payment is $1,000. The second payment is $2,000. The third payment is $3,000. The fourth payment is $4,000. The fifth payment is $5,000. The sixth payment is $0. The payments at the end of the 7th year through the 15th year are a level amount of $Q. Find the value of Q.
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