A loan is being repaid with equal annual installments at 4% effective per annul. If the principal
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Question:
A loan is being repaid with equal annual installments at 4% effective per annul. If the principal repaid in the next to last installment is $100, find the interest contained in the installment due 5 years before the last installment.
A. 18.52
B. 21.81
C. 19.39
D. 20.26
E. 22.68
Related Book For
Business Math
ISBN: 978-0133011203
10th edition
Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble
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