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Bob takes out a loan of 1,000 at an effective interest rate of i. You are given: (1) The first payment is made at the
Bob takes out a loan of 1,000 at an effective interest rate of i. You are given: (1) The first payment is made at the end of year 6. (2) Ten equal payments are made to repay the loan in full at the end of fifteen years. (3) The outstanding principal after the payment made at the end of year 10 is 908.91. Calculate the outstanding principal at the end of year 4
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