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What is the amount of the principal repayment

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Reference no: EM132007218

A loan of amount $9485.11 is repaid in 15 annual payments beginning 1 year after the loan is made. The first 6 payments are $700 each, and the final 9 payments are each $1400. Interest is at an effective annual rate of 6.9%. What is the amount of the principal repayment in the 6th payment?

Reference no: EM132007218

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