Joan takes out a loan of 6000 from her local bank. She wishes to pay it back
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Joan takes out a loan of 6000 from her local bank. She wishes to pay it back by means of yearly payments of amount 800 for as long as necessary, with a smaller payment one year later. If the first payment of 800 is due in one year and /= .11, find the number of payments required and the amount of the smaller payment.
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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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