The Gauche Institute makes month-end payments to repay its outstanding loans of $825,000. If it plans to
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The Gauche Institute makes month-end payments to repay its outstanding loans of $825,000. If it plans to increase the payment by 1% every month to clear the loan in seven years, calculate the size of the first payment. The loan has an interest rate of 5.5% compounded annually.
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Related Book For 
Mathematics Of Business And Finance
ISBN: 9781927737545
4th Edition
Authors: Larry Daisley, Thambyrajah Kugathasan, Diane Huysmans
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