Question: A bank customer borrows X at an annual effective rate of 12.5% and makes level payments at the end of each year for n years.

A bank customer borrows X at an annual effective rate of 12.5% and makes level payments at the end of each year for n years.

1) THe interest portion of the final payment is 153.86

2) The total principal repaid as of time (n-1) is 6009.12

3) The principal repai in the first payment is Y

Calculate Y

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