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You have a 20,000 loan at 4% annually for 20 years. You agree to pay off the principal in installments of 1,000 per year, and

You have a 20,000 loan at 4% annually for 20 years. You agree to pay off the principal in installments of 1,000 per year, and to pay interest on the outstanding balance each year. Find the interest due in the 15 th payment. (Hint: find the outstanding balance after the 14 th payment first.)

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