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Problem 4 - Amortizing a Loan Carlos takes out a loan at an annual effective rate of interest of 7%. If the principal repaid in

Problem 4 - Amortizing a Loan Carlos takes out a loan at an annual effective rate of interest of 7%. If the principal repaid in his 66th payment is P6= 750, find the principal repaid in his 20th payment. P20= HINT: The principal repaid payments form an increasing geometric sequence: Pt=Pt1(1+i)Pt=Pt1(1+i) and Pt=Pk(1+i)^tk

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