You have a 10,000 loan at 8% annually for 10 years. You agree to pay off...
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You have a 10,000 loan at 8% annually for 10 years. You agree to pay off the principal in installments of 1,000 per year, and to pay interest on the outstanding balance each year. Find the interest due in the 5th payment. (Hint: find the outstanding balance after the 4th payment first.) You have a 10,000 loan at 8% annually for 10 years. You agree to pay off the principal in installments of 1,000 per year, and to pay interest on the outstanding balance each year. Find the interest due in the 5th payment. (Hint: find the outstanding balance after the 4th payment first.)
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