After having made 6 annual payments of 500 each on a 3000 loan at 1 1% effective,
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After having made 6 annual payments of 500 each on a 3000 loan at 1 1% effective, with first payment one year after the loan was taken out, the borrower decides to repay the balance of the loan over the next 5 years by equal annual payments of principal in addition to the annual interest due on the unpaid balance. If the lender insists on a yield rate of 14% over the final 5-year period, find the total payment, principal plus interest, for the tenth year.
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Kirti Kaushal
Having experience of more than 10 years is good enough to coach my students. Currently, I am working as an active supervisor of ACCA students. In my career, I helped students in financial accounting, management accounting, cost accounting, financial reporting, taxation, and audit. I also helped students publish their articles or papers in good journals. I also helped students with thesis and objective writing.
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Theory Of Interest And Life Contingencies With Pension Applications A Problem Solving Approach
ISBN: 978-1566983334
3rd Edition
Authors: Asa Michael M. Parmenter, Ph.d.
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