Calculate X. Show the equation and steps in the financial calculator, if used. 20,000 loans are repaid
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Calculate X. Show the equation and steps in the financial calculator, if used.
20,000 loans are repaid with X payment at the end of each year for 10 years. The annual effective interest rate of the loan is 11% for the first 5 years and 12% thereafter. Calculate X. Show the equation and steps in the financial calculator, if used.
Expert Answer:
To calculate the value of X we can use the formula for the present value of an ordinary annuity The ... View the full answer
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