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Question 3 Ingrid follows the amortization schedule to pay off her loan by making monthly level pay- ments at an effective annual interest rate of

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Question 3 Ingrid follows the amortization schedule to pay off her loan by making monthly level pay- ments at an effective annual interest rate of 8%. The amount of principal repaid in her eleventh payment is equal to 200 and the amount of principal repaid in the tth payment is 846.69, assuming that her loan exceeds t months. 1 Calculate t. (A) 224 (B) 225 (C) 235 (D) 236 (E) 246

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