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  3. an investor borrows x for 10 years at an annual ef

An investor borrows X for 10 years at an annual effective interest rate of 6%,...

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An investor borrows X for 10 years at an annual effective interest rate of 6%, to be repaid with equal payments at the end of each year. The outstanding loan balance at the end of the second year is 2000 and at the end of the third year is 1500. Calculate the principal repaid in the first payment

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