A borrower is repaying a loan at an effective interest rate of 5% at the...
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Accounting
A borrower is repaying a loan at an effective interest rate of 5% at the end of each year for 10 years. Half amount of the loan is repaid by amortization method with level payments, and half of the loan is repaid by sinking fund method where the sinking fund accumulates 4% annual interest. A total of 2000 dollars is paid by the borrower at the end of every year.
The amount of the loan is ____ dollars (in two decimals).
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