Question: 5. A loan is repaid in 20 equal annual payments starting one year from the time the loan was made. Suppose that the first interest

5. A loan is repaid in 20 equal annual payments starting one year from the time the loan was made. Suppose that the first interest payment (/) is $7,877.50 and the 11th interest payment (1) is $5,011.97 (a) Find the effective annual interest rate. (b) Find the amount of the annual payment (c) Find the amount of the loan. 5. A loan is repaid in 20 equal annual payments starting one year from the time the loan was made. Suppose that the first interest payment (/) is $7,877.50 and the 11th interest payment (1) is $5,011.97 (a) Find the effective annual interest rate. (b) Find the amount of the annual payment (c) Find the amount of the loan

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