An 8-year loan of 150,000 with an annual effective discount rate of 2% is to be repaid

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An 8-year loan of 150,000 with an annual effective discount rate of 2% is to be repaid by level end-of-year payments.

If the first seven payments had been rounded up to the next multiple of 1,000, the final payment would be X.

Calculate X.

		12,275
		14,825
		16,731
		16,810
		17,833

Related Book For answer-question

Governmental and Nonprofit Accounting

ISBN: 978-0132751261

10th edition

Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi

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Posted Date: Jan 06, 2023 04:42 AM

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An 8-year loan of 150,000 with an annual effective discount rate of 2% is to be repaid

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Governmental and Nonprofit Accounting

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