Question: Please answer question 7. There's some helpful formulas in picture 2. 7. A loan is repaid in 25 equal annual payments starting one year from

Please answer question 7. There's some helpful formulas in picture 2.

Please answer question 7. There's some helpful formulas in picture 2. 7. A loan is repaid in 25 equal annual payments starting one year

7. A loan is repaid in 25 equal annual payments starting one year from the time the loan was made. Suppose that the second interest payment (/2) is $24,214.59 and the 14th principal repayment (PR14) is $26,720.98. (a) Find the effective annual interest rate. (b) Find the amount of the annual payment. (c) Find the amount of the loan. 7. A loan is repaid in 25 equal annual payments starting one year from the time the loan was made. Suppose that the second interest payment (/2) is $24,214.59 and the 14th principal repayment (PR14) is $26,720.98. (a) Find the effective annual interest rate. (b) Find the amount of the annual payment. (c) Find the amount of the loan

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