Question: Problem 38.21 | A loan is repaid with level annual payments based on an annual effective interest rate of 7%. The 8th payment consists of

Problem 38.21 | A loan is repaid with level annual payments

based on an annual effective interest rate of 7%. The 8th payment

Problem 38.21 | A loan is repaid with level annual payments based on an annual effective interest rate of 7%. The 8th payment consists of 789 of interest and 211 of principal. Calculate the amount of interest paid in the 18th payment. (18)[10] 38.21 Keep the interest rate =5% but change the interest and principal parts of the 8th payment to $700 and $200 respectively. What is the number of years (not necessarily an integer) in the loan

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