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Lina was making annual payments at the end of each year for 19 years to pay back a loan of $35000 at an annual effective
Lina was making annual payments at the end of each year for 19 years to pay back a loan of $35000 at an annual effective interest rate of 4.9%. Immediately after the 6th payment, Lina renegotiated the loan to reduce the term of the loan to 16 years (so there are 10 remaining payments). The interest rate was also reduced to 4.1%. Calculate the revised payment amount X. The original payment amount is R = The outstanding balance after the 6th payment is Bo = The revised payment is X=
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