Question: Use formula to solve this problem (No Excel Please) Question 7 A loan is repaid with equal annual payments of $450 at the end of

Use formula to solve this problem (No Excel Please)

Question 7 A loan is repaid with equal annual payments of $450 at the end of each year for 10 years, AEIR-3% for the first five years and 5% thereafter. What is the outstanding loan balance just after the gth payment if the third payment was missed? A 1748.61 B. The answer does not appear here 0.1411.06 D. 1350.41 E. 1389.39

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