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Brandt loans Lori $5,000 at an annual effective interest rate of 5%. They agree that Lori will make annual end-of-year payments of $600 to repay
Brandt loans Lori $5,000 at an annual effective interest rate of 5%. They agree that Lori will make annual end-of-year payments of $600 to repay the loan, then realize that they must figure the term of the loan. If the term T is to be such $5,000-$600a75%, find T and the amount of the last payment at that time T.
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