Question: Problem 5 - Varying Payments and Equal Principal Repaid McKenna has a loan to be repaid by 16 annual payments at an effective annual interest

Problem 5 - Varying Payments and Equal Principal Repaid McKenna has a loan to be repaid by 16 annual payments at an effective annual interest rate of 3%. Payments 1-10 are $600 each, payments 11-14 are $380 each, and the last 2 payments are $570 each. Calculate the interest portion in McKenna's 13 th payment. I13= Note that I13=iB12

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