Question: Please show step by step corrected answer is also provided below. Thank you! Will rate! 9. A loan is repaid with payments which start at

Please show step by step corrected answer is also provided below. Thank you! Will rate!

Thank you! Will rate! 9. A loan is repaid with payments which

9. A loan is repaid with payments which start at $300 the first year and increase by $60 per year until a payment of $1, 080 is made, at which time payments cease. If interest is 10% effective find the amount of principal in the 7th payment

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