The annual effective interest rate for the loan is 6, Finance Basics

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The annual effective interest rate for the loan is 6

An amortized loan of $75,000 has annual payments for eighteen years, the first occurring exactly one year after he loan is made. The first four payments will be for only half as much as the remaining 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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Finance Basics: The annual effective interest rate for the loan is 6

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