A loan is repaid with level annual payments based on an annual effective interest rate of 7%. The eighth payment consists of 789 of interest and 211 of principal. Calculate the amount of interest paid in the eighteenth payment.
A loan is repaid with level annual payments based on an annual effective interest rate of 7%. The eighth payment consists of 789 of interest and 211 of principal. Calculate the amount of interest paid in the eighteenth payment.