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Lina takes out a loan that she repays by the amortization method at an annual effective rate of interest of 5%. Lina makes level annual

Lina takes out a loan that she repays by the amortization method at an annual effective rate of interest of 5%. Lina makes level annual payments of $850 at the end of each year for n years. Find the term of the loan n if the amount of interest paid in the 20th payment is $377. Possible Answers 30 31 32 34 36

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