Math Question 7: The interest rate on a loan with level annu…
Math Question 7: The interest rate on a loan with level annual payments of 1000 is 5% annual effective for the first 10 years and 4% annual effective thereafter. The outstanding balance on the loan immediately after the 15th payment is 8000. Determine the amount of principal repaid with the 6th payment. Enter your answer as decimal rounded to two places (for example, 100.56)