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provide working process if possible 1. Iggy borrows 500 for 20 years at an annual effective rate of 5%. If he pays the principal and

image text in transcribedprovide working process if possible

1. Iggy borrows 500 for 20 years at an annual effective rate of 5%. If he pays the principal and accumulated interest in one lump sum at the end of 20 years, he would pay Y more in interest than if he repaid the loan with 20 level payments at the end of each year. Calculate Y. (A) 376 (B) 454 (C) 525 (D) 608 (E) 690

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