Question: Two loans for equal amounts are amortized at 4 % interest. Loan L is to be repaid by 3 0 equal annual payments. payment is

Two loans for equal amounts are amortized at 4% interest.
Loan L is to be repaid by 30 equal annual payments. payment is based upon the outstanding balance.
The payment for loan L first exceeds the payment for loan N at end of year t.
Find t.
12
13
14
15
16
Two loans for equal amounts are amortized at 4% interest. Loan

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