Question: Problem 5 - Varying Payments and Equal Principal Repaid McKenna has a loan to be repaid by 17 annual payments at an effective annual interest

Problem 5 - Varying Payments and Equal Principal Repaid

McKenna has a loan to be repaid by 17 annual payments at an effective annual interest rate of 3%. Payments 1-11 are $600 each, payments 12-15 are $340 each, and the last 2 payments are $570 each. Calculate the interest portion in McKenna's 14 th payment.

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