Determine the amount of principal in the fourteenth payment


An amortized loan is repaid with the annual payments which start at 400 at the end of first year and raise by 45 each year till a payment of 1480 is made after which they cease. If interest is 4% effective, determine the amount of principal in the fourteenth payment. Looked for answers on Chegg, but none of the answers helped me. What is the step-by-step process used to find this answer?

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Basic Statistics: Determine the amount of principal in the fourteenth payment
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