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Brandt loans Lori $6,000 at an annual effective interest rate of 7%. They agree that Lori will make annual end-of-year payments of $600 to repay

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Brandt loans Lori $6,000 at an annual effective interest rate of 7%. 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 that $6000 = $600a70% find T. (Round your answer to four decimal places.) T 17.79 Find the amount of the last payment at time T. (Round your answer to the nearest cent.) $448.76 X\

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