Edward borrows 720,000 at AEIR 6%. At the end of each of the first 6 years he will pay 36,000 in principal alone, plus he pays the interest due.

At the end of each of the next eight years he makes level (total) payments of 50,000. He plans on making one final payment at the end of 15 years to satisfy the loan obligation. What is this 15th payment?

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To calculate the 15th payment that Edward needs to make at the end of 15 years to satisfy the loan o... View the full answer