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McKenna has a loan to be repaid by 16 annual payments at an effective annual interest rate of 4%. Payments 1-10 are $600 each, payments
McKenna has a loan to be repaid by 16 annual payments at an effective annual interest rate of 4%. Payments 1-10 are $600 each, payments 11-14 are $360 each, and the last 2 payments are $570 each. Calculate the interest portion in McKenna's 13 th payment.
I(13) = ?
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