Theory of Interest Problem: I KNOW THE ANSWER I NEED HELP WITH THE WORK, THE...
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Theory of Interest Problem: I KNOW THE ANSWER I NEED HELP WITH THE WORK, THE CORRECT ANSWER IS 1989.34 NO SPREADSHEETS
A loan is repaid in ten equal annual installments with the first install-ment 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 repaid in the second, third, and fourth payments combined?
5. [1.5 pts] 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 repaid in the second, third, and fourth payments combined? 5. [1.5 pts] 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 repaid in the second, third, and fourth payments combined
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