A 12-year loan is repaid with annual payments at the end of each year. For the...

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A 12-year loan is repaid with annual payments at the end of each year. For the first four years, each payment is X; for the next four years, each payment is 3X; for the final four years each payment is 2X. The amount of interest due in the fifth payment is twice as much as the interest due in the tenth payment. Find i, the (non-zero) annual effective interest rate, rounded to two decimal places after converting to a percentage. A 12-year loan is repaid with annual payments at the end of each year. For the first four years, each payment is X; for the next four years, each payment is 3X; for the final four years each payment is 2X. The amount of interest due in the fifth payment is twice as much as the interest due in the tenth payment. Find i, the (non-zero) annual effective interest rate, rounded to two decimal places after converting to a percentage.

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a The future value of the annuity can be calculated using the formula 1 r 1 r ... View the full answer