Question: A ten - year loan will be repaid with payments at the end of each year. Each of the first five payments is 1 ,

A ten-year loan will be repaid with payments at the end of each year. Each of the first five payments is 1,000 and each of the next five payments is 2,000.
Interest on the loan is charged at an annual effective rate of 6 percent.
Calculate the total interest paid in the first 8 payments

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