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Tak took out a loan for $5,000 at 4% interest. To repay the loan he must...

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Advance Math

Tak took out a loan for $5,000 at 4% interest. To repay the loanhe must make a payment of $672.46 at the end of each year for 9years. How much of his second payment is interest?  

The question we are interested in is this: After he has madepayments for 3 years, how much will he still owe?  

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