Find the number of payments n and amount of final payment

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Reference no: EM13917598

A loan of $12,500 is made at an effective interest rate of 8.5%. Payments are made at the end of each interest period. Each payment equals twice the interest due until the borrower pays off the outstanding debt with a final payment of, at most, $1,800. Find the number of payments n and the amount of the final payment.

Reference no: EM13917598

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