3. 6.3 A-1 Mortgage makes loans with the interest charged on the loan principal rather than on...

Question:

3. 6.3 A-1 Mortgage makes loans with the interest charged on the loan principal rather than on the unpaid balance. For a 4-year loan of

$10,000 at 10% per year, what equal annual payment would be required to complete repayment of the loan in 4 years, if interest is charged on

(a) the principal and

(b) the unrecovered balance?

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Rashul Chutani

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