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Question A loan of $10,000 is amortized by equal annual payments for 30 years at an effective annual interest rate of 5%. Determine the year

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Question A loan of $10,000 is amortized by equal annual payments for 30 years at an effective annual interest rate of 5%. Determine the year in which the interest portion of the payment is most nearly equal to one-third of the payment. Possible Answers 6 B 7 8 D 23 E 25

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