A loan of 20,000 is repaid by a payment of X at the end of eachyear for

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A loan of 20,000 is repaid by a payment of X at the end of eachyear for 10 years. The loan has an annual effective interest rateof 11% for the first 5 years and 12% thereafter. Calculate X. Showthe equation and steps on financial calculator if used.

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Engineering Economic Analysis

ISBN: 9780195168075

9th Edition

Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle

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Posted Date: May 04, 2024 05:14 AM

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A loan of 20,000 is repaid by a payment of X at the end of eachyear for

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To calculate the value of X we can use the present value of an annuity formula The formula to calcul... View the full answer

Engineering Economic Analysis

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