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5- A 10-year loan of 2000 is to be repaid with payments at the end of each year. It can be repaid under the options;
5- A 10-year loan of 2000 is to be repaid with payments at the end of each year. It can be repaid under the options; (a) Equal annual payments at an effective annual rate of 8.07%. (b) Installments of 200 each year plus interest on the unpaid balance at an effective annual rate of i. The sum of the payments under option (a) equals the sum of the payments under option (b). Determine i. 5- A 10-year loan of 2000 is to be repaid with payments at the end of each year. It can be repaid under the options; (a) Equal annual payments at an effective annual rate of 8.07%. (b) Installments of 200 each year plus interest on the unpaid balance at an effective annual rate of i. The sum of the payments under option (a) equals the sum of the payments under option (b). Determine
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