Question: financial mathematics. no excel please 3. (10 points) Michael borrows money to buy a new car. He agrees to pay back the loan with level

financial mathematics. no excel please

3. (10 points) Michael borrows money to buy a new car. He agrees to pay back the loan with level annual payments at the end of each year for 10 years. The annual effective interest rate is 6%. The interest in his 5th payment is 590.08. Calculate the interest in his 8th payment. A. 319.8 B. 320.8 C. 321.8 D. 322.8 E. 323.8

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