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1 Piotr borrows $18,000.00 at 3.500% compounded annually. The loan is to be paid off over 18 years with 18 level payments of K at
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Piotr borrows $18,000.00 at 3.500% compounded annually. The loan is to be paid off over 18 years with 18 level payments of K at the end of each year. Instead Piotr makes n level payments of 2* K, and then makes a final drop payment of Y to pay off the loan. Which of the following is correct? O a. n = 7, Y = $1310.93 O b. n = 8, Y = $1726.24 O C. n = 7,Y = $1726.24 0 d. n = 8, Y = $1310.93 O e. None of the alternatives Step by Step Solution
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