A 15 year loan of $1000 is repaid with payments at the end of each year. Each
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A 15 year loan of $1000 is repaid with payments at the end of each year. Each of the first ten payments is 120% of the amount of interest due. Each of the last five payment is $X. The lender charges interest at an annual effective rate of 8%. Calculate X.
Related Book For
Introduction To Corporate Finance
ISBN: 9781118300763
3rd Edition
Authors: Laurence Booth, Sean Cleary
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