Problem # $3$: A loan of amount $$10312\mathrm{.}75$ is repaid in $15$ annual payments beginning $1$ year after the loan is made. The first $6$ payments are $$700$ each, and the final $9$ payments are each $$1400.$ Interest is at an effective annual rate of $5\mathrm{.}8\%.$ What is the amount of the principal repayment in the $6$th payment?

Problem #$3$:

Answer correct to $2$ decimals.

Submit Problem #$3$ for Grading

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