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10. Gloria borrows 5,000 to be repaid over 24 years. You are given: (i) Her first payment is X at the end of year 1.
10. Gloria borrows 5,000 to be repaid over 24 years. You are given: (i) Her first payment is X at the end of year 1. (ii) Her payments increase at the rate of 20 per year for the next 19 years and remain level for the following 4 years. (iii) The effect rate of interest is 10% per annum. Calculate X
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Personal Finance For Canadians
Authors: Elliot Currie, Thomas Chambers, Kathleen Brown
9th Edition
0132286750, 978-0132286756
