A $255,000 amount from an RRSP is used to purchase an annuity paying $6000 at the end
Question:
a. What will be the amount of the final payment?
b. What will be the interest portion of the twenty-seventh payment?
c. What will be the principal portion of the fifty-third payment?
d. How much will the principal balance be reduced by Payments 14 to 20 inclusive?
e. How much interest will be received in the sixth year?
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