Question: Explain without excel (3) An amortized loan is repaid with annual payments which start at $400 at the end of the first year and increase

Explain without excel

(3) An amortized loan is repaid with annual payments which start at $400 at the end of the first year and increase by $45 each year until a payment of $1,480 is made, after which they cease. If interest is 4% effective, find the amount of principal in the fourteenth payment

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