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A loan of $10,000 is to be repaid with 20 equal annual payments. The interest rate on the loan is an annual effective rate of
A loan of $10,000 is to be repaid with 20 equal annual payments. The interest rate on the loan is an annual effective rate of 6%. Find the balance on the loan after the 13th payment.
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Essentials Of Investments
Authors: Zvi Bodie, Alex Kane, Alan J. Marcus
12th Edition
1260772160, 978-1260772166
