Question: (5 points) A loan is repaid with payments which start at $250 the first year and increase by $50 per year until a payment of

(5 points) A loan is repaid with payments which start at $250 the first year and increase by $50 per year until a payment of $850 is made, at which time payments cease. If interest is 4% effective, find the amount of principal in the fourth payment. $

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