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How much was the second payment

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Rebecca borrows $10,000 at 18% compounded annually. She pays off the loan over a 5-year period with annual payments, starting at year 1. Each successive payment is $700 greater than the previous payment.

(a) How much was the second payment?

(b) What is the equivalent uniform series (if she was going to pay the loan in 5 equal payments)?

Reference no: EM132126279

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