A loan of size L is to be amortized over n years (n > 8)...
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Finance
A loan of size L is to be amortized over n years (n > 8) by level annual payments (paid at the end of each year). The annual effective rate of interest on the loan is i = 6%. The outstanding balance immediately after the second last payment is $1415.09. Determine the principal repaid during the (n 5)th payment.
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