Question: Finance Tutor Please help (Show step by step solution) Thank you in advance. A loan is being amortized by means of level monthly payments at

Finance Tutor Please help (Show step by step solution) Thank you in advance.

A loan is being amortized by means of level monthly payments at an annual nominal rate of 9% compounded monthly.

The amount of principal repaid in the 12th payment is 1000 and the amount of principal repaid in the t th payment is 3700.

Calculate t.

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