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This is an actuarial science question, A loan of 1500 is paid over 6 years at effective rate 7% with five payments of 300 and

This is an actuarial science question,

A loan of 1500 is paid over 6 years at effective rate 7% with five payments of 300 and a final bigger payment. Calculate the bigger payment.

At time t=2, an extra payment of 165.93 is made and the loan is refinanced at 10% with only 3 more level payments. Calculate the level payments.

The answer is 405.11 and 374.13

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