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Problem #3: A loan of amount $12448.16 is repaid in 15 annual payments beginning 1 year after the loan is made. The first 6 payments

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Problem #3: A loan of amount $12448.16 is repaid in 15 annual payments beginning 1 year after the loan is made. The first 6 payments are $800 each, and the final 9 payments are each $1600. Interest is at an effective annual rate of 5.1%. What is the amount of the principal repayment in the 6th payment? Problem #3: Answer correct to 2 decimals

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