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Someone took out a loan for $3,000. The loan rate is 5.5% annual effective. They made a payment of $900 at the end of the
Someone took out a loan for $3,000. The loan rate is 5.5% annual effective. They made a payment of $900 at the end of the first year and a payment of $1,200 at the end of the third year. This person makes their third and final payment at the end of year 4. Find the amount of interest in the last payment.
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