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3. A loan is to be repaid by annual installments of X at the end of each year for 16 years. You are given:
3. A loan is to be repaid by annual installments of X at the end of each year for 16 years. You are given: (i) The total principal repaid in the first 3 years is 137.85; and (ii) The total principal repaid in the last 3 years is 294.03. Calculate the total amount of interest paid during the life of the loan.
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Heres how to calculate the total amount of interest paid during the loans life 1 Define variables X ...
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Foundations of Finance The Logic and Practice of Financial Management
Authors: Arthur J. Keown, John D. Martin, J. William Petty
8th edition
132994879, 978-0132994873
