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Thanks 3. [10] Marc took out a loan and must repay $ 1000 at the end of the fifth year. The interest rate on the
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3. [10] Marc took out a loan and must repay $ 1000 at the end of the fifth year. The interest rate on the loan were i(2) = 4% for the first two years and i4 = 6% for the last three years. (a) [5] What was the original amount of the loan? (b) [5] What effective annual rate of interest was Marc charged over the 5-year periodStep by Step Solution
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