A loan of 20,000 is repaid by a payment of X at the end of eachyear for
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A loan of 20,000 is repaid by a payment of X at the end of eachyear for 10 years. The loan has an annual effective interest rateof 11% for the first 5 years and 12% thereafter. Calculate X. Showthe equation and steps on financial calculator if used.
Related Book For
Engineering Economic Analysis
ISBN: 9780195168075
9th Edition
Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle
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