A loan of $2,000 is paid by the following series of payments, beginning one year after the
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A loan of $2,000 is paid by the following series of payments, beginning one year after the loan is made: 100, 105, 110, 115, ..., 145, 150, 145, 140, ..., 105, 100, 100, 100, ..., The payments of $100 continue for as long as necessary, and then a smaller payment is made one year after the last payment of $100. Determine the total number of payments needed to repay this loan, and the size of the last payment, if the effective annual rate is 4%
Related Book For
Calculus Early Transcendentals
ISBN: 978-0321947345
2nd edition
Authors: William L. Briggs, Lyle Cochran, Bernard Gillett
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