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Consider a 12 year loan with annual payments at the end of each year. The effective annual interest is 7%. The first 6 payments are

Consider a 12 year loan with annual payments at the end of each year. The effective annual interest is 7%. The first 6 payments are $1000 and the final 6 payments are $2000. Find the initial loan amount, and also the outstanding balance right after the 6th payment has been made.

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