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Problem #5: Suppose a 20-year loan is repaid though level quarterly installments of $367. Suppose we also know that the [3 marks] principal repaid at

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Problem #5: Suppose a 20-year loan is repaid though level quarterly installments of $367. Suppose we also know that the [3 marks] principal repaid at the end of period 39 is $31 and the principal repaid at the end of period 40 is $38. Find the original loan balance. Problem #5: answer correct to 2 decimals

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