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Rick takes out a $10,000 loan for five years with the first payment due in one year. Each year he pays $2,000 in principal (1/5

Rick takes out a $10,000 loan for five years with the first payment due in one year. Each year he pays $2,000 in principal (1/5 of the total loan amount) plus the interest. If the annual effective interest rate is 8%, find a formula for K, the total payment amount at time t (or list the 5 payment amounts)

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