Question: Problem #5: A loan is being repaid in 2N level payments, beginning one period after the loan is made. After the Nth payment is made,

Problem #5: A loan is being repaid in 2N level payments, beginning one period after the loan is made. After the Nth payment is made, the outstanding principal is 7/8 of the original loan amount. What proportion of the next payment is interest? Problem #5: Enter your answer symbolically, as in these examples

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