Three equal payments were made one, two, and three years after the date on which a $10,000

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Three equal payments were made one, two, and three years after the date on which a $10,000 loan was granted at 10.5% compounded monthly. If the balance immediately after the third payment was $5326.94, what was the amount of each payment?

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Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

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Question Posted: Jan 20, 2016 07:19 AM

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Three equal payments were made one, two, and three years after the date on which a $10,000

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The original loan equals the combined present value of the payment...View the full answer

Business Mathematics In Canada

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