3. The initial payment to a loan was to be $513 and the difference between successive payments was to be $6,530 forming

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3. The initial payment to a loan was to be $513 and the difference between successive payments was to be $6,530 forming

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3. The initial payment to a loan was to be $513 and thedifference between successive payments was to be $6,530 forming anincreasing arithmetic progression. But the loan was renegotiated toprovide for the payment of equal rather than uniformity varyingsums. If the interest rate of the loan was 9.76%, what was theequivalent annual payments if the payment is to be made for 6years?
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