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Homework answers / question archive / Moke must repay a loan for 80,000 at an annual effective interest rate of 8%

Moke must repay a loan for 80,000 at an annual effective interest rate of 8%. Moke makes 30 end of year payments. For the first 29 payments, she pays 150% of the interest due on the unpaid balance. For the 30th and final payment, she pays the balance due. Find the amount of the final payment.

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