5) You are loaned $100,000 and pay this back by making constant payments at the end...
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5) You are loaned $100,000 and pay this back by making constant payments at the end of each year for 40 years. If effective annual interest is i = 3% then find when the outstanding balance first falls below $50,000. 5) You are loaned $100,000 and pay this back by making constant payments at the end of each year for 40 years. If effective annual interest is i = 3% then find when the outstanding balance first falls below $50,000.
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A loan repays itself by a fixed payment every year We have to find when the outstanding balance fall... View the full answer
Related Book For
Discrete and Combinatorial Mathematics An Applied Introduction
ISBN: 978-0201726343
5th edition
Authors: Ralph P. Grimaldi
Posted Date:
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