Your sister-in-law borrowed $5,000 from you 4 years ago and then disappeared. Yesterday she returned and expressed
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Your sister-in-law borrowed $5,000 from you 4 years ago and then disappeared. Yesterday she returned and expressed her desire to pay back the loan, including the interest accrued. Assuming that you had agreed to charge her 10%, and assuming that she wishes to make 8 equal annual payments beginning in one year, how much would your sister-in-law have to pay you annually in order to pay off the debt? (Assume that the loan continues to accrue interest at 10% per year.)
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Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0134141084
11th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs
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