Calculating the Size of the Final Loan Payment (Simple Interest)  

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Calculating the size of the final payment on a loan that is to be paid incrementally throughout the year is a practical skill in finance that requires understanding of simple interest and future values. This knowledge is crucial for effective budgeting and financial planning.
Q. A $5000 loan advanced on April 1 at a ​​6.5% interest rate requires payments of $1800 on each of June 1 and August 1, and a final payment on October 1. What must the final payment be to satisfy the loan in full?