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Find the amount of the loan

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Reference no: EM133109953

Luke repays a debt at 6% effective with payments of $400 at the end of each of the first 5 years, which then decreases by $20 each year until it becomes $200 at the end of 15 years. Find the amount of the loan if the sinking fund used to accumulate the capital earns a rate of only 5% effective.

Reference no: EM133109953

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