Question: Calculate the current balance (present value) on a loan that has 5 equal payments of $200,000 per year, but the interest rate charged on the

Calculate the current balance (present value) on a loan that has

Calculate the current balance (present value) on a loan that has 5 equal payments of $200,000 per year, but the interest rate charged on the loan is variable 6% for years 1, 2, and 3, and 8% for years 4 and 5 (compounded annually). Answer: $834,055

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