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Sally borrows an amount x from a bank that charges 12 interest compounded monthly. She repays the n year loan with annual payments. The principal
Sally borrows an amount x from a bank that charges 12 interest compounded monthly. She repays the n year loan with annual payments. The principal outstanding after the (n-1)th payment is $ 12,392.81. The interest paid in the 5th payment is $11,897.62.Find n.
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