Question: answer the question on (14) Problem 38.21 1 A loan is repaid with level annual payments based on an annual effective interest rate of 7%.

answer the question on (14) Problem 38.21 1 A loan is repaidwith level annual payments based on an annual effective interest rate ofanswer the question on (14)

Problem 38.21 1 A loan is repaid with level annual payments based on an annual effective interest rate of 7%. The 8th payment consists of 789 of interest and 211 of principal. Calculate the amount of interest paid in the 18th payment. (14)[10] 38.21 Keep the interest and principal parts of the 8th payment at $789 and $211 respectively, but change the interest rate to 6%. What is the number of years in the loan

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