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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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
12th Edition
9780073526706
