Suppose that a loan is being repaid with 20 annual payments with the first payment coming one year from now. The first 5 payments are for $220, the next 8 are $340 each, and the final 7 are $410 each. If the effective rate of interest is 6.1%, how much interest is in the 11th payment?

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present value of the loan at the end of 10 ... View the full answer