Question: Please don't give the Excel solution. I do not need it. A loan of X is to be repaid with equal payments at the end

Please don't give the Excel solution.

I do not need it. A loan of X is to be repaid with equal payments at the end of the year for 5 years. The outstanding loan balance at the end of the fourth year is 911.74. The annual effective rate of interest is 7%. Calculate the principal repaid with the first payment.

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