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Juliana takes out a 15-year loan for 250,000 to be repaid with quarterly payments starting one month after the loan is made. Her repayment structure
Juliana takes out a 15-year loan for 250,000 to be repaid with quarterly payments starting one month after the loan is made. Her repayment structure is as follows:
- The first payment is X.
- The payments decrease by 100 every quarter for fourteen years.
- Each payment during the fifteenth year is 1500.
Given that the annual effective interest rate is 4.0604%, find X.
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