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Fred is repaying a loan of X at a 4% annual effective rate. He makes payments of 100 at the end of each year for
Fred is repaying a loan of X at a 4% annual effective rate.
He makes payments of 100 at the end of each year for 10 years, followed by payments of 200 for n years.
The amount of interest in the 8th payment is 60. Determine X. Possible answers are: 1,140 or 1,970 or 1,360 or 1,740 or 1,870. Thanks
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