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A person is paying back a loan at 5% effective rate, with payments at the end...

A person is paying back a loan at 5% effective rate, with payments at the end of each year for 10 years, such that the payment the first year is $200, the second year is $190, etc. until it reaches $110, on the 10th year.

  1. ,Find the loan amount.
  2. Find the principal and interest in the fifth payment.

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jeff jeffy answered 2 years ago
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