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Michael borrows money to buy a new car. He agrees to pay back the loan with level annual payments at the end of each year
Michael borrows money to buy a new car. He agrees to pay back the loan with level annual payments at the end of each year for 10 years. The annual effective interest rate is 6%. The interest in his 5th payment is 590.08. Calculate the interest in his 8th payment.
A. 319.8
B. 320.8
C. 321.8
D. 322.8
E. 323.8
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