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Ally takes out a loan that she repays by the amortization method at an annual effective rate of interest of 4%. Ally makes level annual

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Ally takes out a loan that she repays by the amortization method at an annual effective rate of interest of 4%. Ally makes level annual payments of S1000 at the end of each year for n years. Find the term of the loan n if the amount of interest paid in the 18th payment is $240. Possible Answers 124 B 25 26 D 27 28

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