How much interest is included in the 5th payment

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Reference no: EM131961298

A Joan is being repaid by equal annual installments at the end of each year for long as necessary, plus a smaller final payment. The payment at the cm of year is 10% of the loan amount.

The principal repaid in the first payment is 500 Interest is an annual effective rate of 2.5%. How much interest is included in the 5^th payment?

Reference no: EM131961298

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