Question: Three decimal placesshow the work, and no excel (1 pt) Suppose that a loan is being repaid with 20 annual payments, with the first payment

Three decimal placesshow the work, and no excel

(1 pt) Suppose that a loan is being repaid with 20 annual payments, with the first payment coming one year from now. The first 5 payments are for 200 dollars, the next 8 are 350 dollars each, and the final 7 are 410 dollars each. If the effective rate of interest is 7.9 percent, how much interest is in the 11th payment? Answer = Tirs

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