How much are the payments on the loan

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Reference no: EM132002097

Kirby takes out a $1,000 loan that is to be repaid with equal payments at the end of each year for 20 years. the principal portion of the 12th payment is 1.5 times the principal portion of the 4th payment.

a) What is the interest rate on the loan?

b) How much are the payments on the loan?

Reference no: EM132002097

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