Question: Two loans for equal amounts are amortized at 4% interest. Loan X is to be repaid by 30 level annual payments. Loan Y is to

Two loans for equal amounts are amortized at 4% interest. Loan X is to be repaid by 30 level annual payments. Loan Y is to be repaid by 30 annual payments, each containing equal principal amounts with the interest portion of each payment based upon the unpaid balance. The payment for loan X first exceeds the payment for loan Y at the end of year t. Find t.

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