Question
A loan of 1,000 is to be repaid by annual payments of 100 to commence at the end of the fifth year and to continue
A loan of 1,000 is to be repaid by annual payments of 100 to commence at the end of the fifth year and to continue thereafter for as long as necessary. The effective rate of discount is 5%. Find the amount of the final payment if it is to be larger than the regular payments.
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Intermediate Accounting
Authors: kieso, weygandt and warfield.
14th Edition
9780470587232, 470587288, 470587237, 978-0470587287
