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Sam borrowed $1000 on January 1, 1993 to be repaid by level payments every two years beginning January 1, 1995, at an effective annual rate
Sam borrowed $1000 on January 1, 1993 to be repaid by level payments every two years beginning January 1, 1995, at an effective annual rate of interest of 9%. The amount of interest in the 4th installment is $177.72. Determine the amount of principal in the 6th installment.
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