Question: please provide explanation. A loan is being repaid with level annual payments based on an annual effective interest rate of 8%. If the amount of

please provide explanation. A loan is being repaid with level annual

please provide explanation.

A loan is being repaid with level annual payments based on an annual effective interest rate of 8%. If the amount of principal repaid in the 15th payment is 749.63, calculate the amount of principal repaid in the 7th payment. (A) 375 (B) 405 (C) 437 (D) 472 (E) 510

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