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Fred is paying off a loan with 50 annual payments of 600. The annual effective interest rate is 13%. Immediately after the 5th payment, Fred

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Fred is paying off a loan with 50 annual payments of 600. The annual effective interest rate is 13%. Immediately after the 5th payment, Fred pays an extra 1,000. The balance is then repaid with level annual payments of Pover the next 20 years. Calculate P. A) 354 B) 444 OC) 512 D) 654 E) 797

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