Question: please write out all the steps, thank you A loan of $ 50,000 is repaid with annual payments at the end of each year for

please write out all the steps, thank you A loan of $please write out all the steps, thank you

A loan of $ 50,000 is repaid with annual payments at the end of each year for 20 years. Each of the first 19 payments is equal to two times the amount of interest then due. The final payment repays the remaining loan balance at that time. Interest is charged at an annual effective rate of 7 %. Calculate the amount of the final loan payment. (A)$ 13,475.03 (B) $ 14,931.90 (C)$ 15,319.72 (D) $ 16,541.01 (E) $17,892.33

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!