Roni took out a $10,000 note payable from BECU. Roni agrees to make equal payments at the end of each year to BECU every year for the next ten years. At the loan maturity, Roni makes her final payment along with an additional $5,000. Then, Roni would completely pay off the loan. If the interest rate for the loan is 6%, what is the value of Roni's annuity payment?

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The scenario described is an example of an annuity due where equal payments are made at t... View the full answer