Question: Jack has borrowed $ 1 , 0 0 0 , 0 0 0 from MQ Bank for 1 0 years at an interest rate of
Jack has borrowed $ from MQ Bank for years at an interest rate of He will make annual repayments. According to the
loan agreement, Jack's repayments will be $ for the first two years followed by payments of with the amount of per year for the remaining
eight years. This loan needs to be fully repaid by the end of years.
a Assume that all annual repayments will be paid at the end of each year the first payment will be at the end of the first year what is the value of
Jacks' annual payment amount rounded to four decimal places
a
b
c
d
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