Question: A $3,000 loan will be repaid by annual level payments of $400 at the end of each year. The effective interest rate is 6%. Determine

A $3,000 loan will be repaid by annual level payments of $400 at the end of each year. The effective interest rate is 6%. Determine the number of payment if you use the balloon payment method. O 11 O 6 07 0 8 10 O 12

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