A loan is repaid in ten equal annual installments with the first installment paid one...
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Accounting
A loan is repaid in ten equal annual installments with the first installment paid one year after the loan is made. The effective annual interest rate is 4%. The total amount of principal repaid in the fifth, sixth, and seventh payments combined is $6,083. What is the total amount of interest paid in the second, third, and fourth payments combined?
Less than $2,000
At least $2,000, but less than $2,020
At least $2,020, but less than $2,040
At least $2,040, but less than $2,060
$2,060 or more
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