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Amount of the principal repayment in the 6th payment

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A loan of amount $19743.56 is repaid in 15 annual payments beginning 1 year after the loan is made. The first 6 payments are $1200 each, and the final 9 payments are each $2400. Interest is at an effective annual rate of 4.4%. What is the amount of the principal repayment in the 6th payment?

Reference no: EM132007213

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