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Find the interest portion in the third payment

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Question - Consider a loan which is being repaid with level installments at the end of each year for 10 years. The interest rate is 9% per annum. It is given that the outstanding loan balance immediately after the 5th installment is made, B5, is $30,304.29. Find the interest portion in the 3rd payment.

Reference no: EM133079852

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