Question
A 30-year loan of 900 is repaid with payments at the end of each year. Each of the first fifteen payments equals 160% of the
A 30-year loan of 900 is repaid with payments at the end of each year.
Each of the first fifteen payments equals 160% of the amount of interest due. Each of the last fifteen payments is X.
The lender charges interest at an annual effective rate of 8% . Calculate X. Please no excel solutions.
Answer Choices are: 50,39,69,58, and 45
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Managerial Accounting Tools for Business Decision Making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
4th Canadian edition
1118856996, 978-1118856994
