10. 8 A loan of $20000 is to be repaid by annual payments of $4000 per year...
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10. 8 A loan of $20000 is to be repaid by annual payments of $4000 per year (at the end of cache year) for the first 5 years and payments of $4500 per year thereafter for as long as necessary. Determine the total number of payments and the amount of the smaller final payment made once year after the last regulars payment. Assume an annual effective rate of 7.5%
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