Question: PLEASE SHOW ALL WORK AND DO NOT USE EXCEL 5) You are loaned $100,000 and pay this back by making constant payments at the end

PLEASE SHOW ALL WORK AND DO NOT USE EXCEL 5) You

PLEASE SHOW ALL WORK AND DO NOT USE EXCEL

5) You are loaned $100,000 and pay this back by making constant payments at the end of each year for 40 years. If effective annual interest is i=3% then find when the outstanding balance first falls below $50,000

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