A loan is being repaid with a payment of 200 at the end of the first year,
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Question:
A loan is being repaid with a payment of 200 at the end of the first year, 190 at the end of the second year, and so on, until the final payment of 110 at the end of the tenth year. The borrower pays interest on the original loan amount at a rate of 7%, and contributes the balance of each payment to a sinking fund that earns 4%. If the amount in the sinking fund at the end of the tenth year is equal to the orginal loan amount, what was the original loan amount?
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