Question: Question 1 : [ 4 marks ] The principal portion of the 2 0 th payment of $R on an amortized loan is $ 3

Question 1: [4 marks] The principal portion of the 20th payment of $R on an amortized loan is $340.95 and the principal portion of the 21st payment of $R is $348.11. If the loan requires 55 payments in total, what is R?[Hint: use the general amortization schedule equations]

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