The annual effective interest rate for the loan is 6, Financial Management

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The annual effective interest rate for the loan is 6

An amortized loan of $75,000 has annual payments for eigh- teen years, the first occurring exactly one year after the loan is made. The first four payments will be for only half as much as the remain- ing fourteen. The annual effective interest rate for the loan is 6% Calculate the amount of principal repaid in the seventh payment.

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Financial Management: The annual effective interest rate for the loan is 6

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