Question: PLEASE ANSWER QUICKLY MATHEMATICAL INTEREST THEORY A loan for 10,000 with annual effective rate 7% must be repaid with n annual level payments of 1,500

PLEASE ANSWER QUICKLY

MATHEMATICAL INTEREST THEORY

A loan for 10,000 with annual effective rate 7% must be repaid with n annual level payments of 1,500 plus a balloon payment one year after the n-th payment. Calculate n. (Hint: n needs to be an integer)

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