A loan of 1 0 0 0 0 0 at 5 % annual effective is repaid with
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Question:
A loan of at annual effective is repaid with annual payments. The first payment is an deach subsequent payment is more than its preceding payment. There is a smaller final payment, due one year after the last payment in this pattern, that pays the remaining balance of the loan. Determine the amount of the smaller final payment.
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