How much interest is in the payment

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Suppose that a loan is being repaid with 20 annual payments with the first payment coming one year from now. The first 5 payments are for $240, the next 8 are $320 each, and the final 7 are $420 each. If the effective rate of interest is 7.1%, how much interest is in the 11th payment?

Reference no: EM131547704

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