For Question 7, calculate the interest included in the fourth payment. Verify your answer by checking the
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In Question 7
A loan of $10 000 with interest at 7.75% compounded annually is to be amortized by equal payments at the end of each year for seven years. Find the size of the annual payments and construct an amortization schedule showing the total paid and the cost of financing.
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PMT 190433 i 775 FV 10 000107753 12 50984 Balance 12 50984 6...View the full answer
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Related Book For 
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
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