Question
A 30-year loan of 1600 is repaid with payments at the end of each year. Each of the first fifteen payments equals 155% of the
A 30-year loan of 1600 is repaid with payments at the end of each year.
Each of the first fifteen payments equals 155% of the amount of interest due. Each of the last fifteen payments is X.
The lender charges interest at an annual effective rate of 11% . Calculate X.
87
72
93
77
106
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Fundamentals Of Healthcare Finance
Authors: Paula H. Song, Kristin L. Reiter
4th Edition
1640553223, 978-1640553224
