A debt of X TL; 500 TL at the end of the first year, 1,000 TL...

 

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A debt of X TL; 500 TL at the end of the first year, 1,000 TL at the end of the second year, 1,500 TL at the end of the third year, ..., 5,000 TL at the end of the 10th year. Since the annual effective interest rate is given as 10%, calculate the amount of interest paid in the fourth installment payment. A debt of X TL; 500 TL at the end of the first year, 1,000 TL at the end of the second year, 1,500 TL at the end of the third year, ..., 5,000 TL at the end of the 10th year. Since the annual effective interest rate is given as 10%, calculate the amount of interest paid in the fourth installment payment.

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To calculate the interest paid in the fourth installment payment we need to calculate the outstandin... View the full answer