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Smith takes a loan L=148,050 at an annual effective rate i=0.06. The loan will be paid back by a 20 year annuity-immediate with annual payments.

Smith takes a loan L=148,050 at an annual effective rate i=0.06. The loan will be paid back by a 20 year annuity-immediate with annual payments. The first payment is X and each subsequent payment is 180 more than the previous one, how large is the first payment X? Round your answer to four decimal places. Your

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