Question: Question 1 A loan is being repaid with level annual payments based on an annual effective interest rate of 8%. If the outstanding balance immediately

Question 1 A loan is being repaid with level annual payments

Question 1 A loan is being repaid with level annual payments based on an annual effective interest rate of 8%. If the outstanding balance immediately after the 10th payment is 1000, caleulate the amount of interest in the 11th payment. Hint: 80

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