A contractor decided to borrow $7000 from a bank in order to buy an equipment for...
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A contractor decided to borrow $7000 from a bank in order to buy an equipment for his company. The bank allows him pay back his loan in five years at a monthly interest rate of 7%. the farmer can pay $90 per month but can increase his monthly payment by a certain value in arithmetic way (G value). What should be the G value so that he finished the loan by the end of five years?
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To solve this problem we can use the following steps Calculate the monthly payment required to pay b View the full answer
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