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A loan of $ 30,000 is being repaid with level annual payments of $ 7,000 for 5 years plus a final drop payment. All payments
A loan of $ 30,000 is being repaid with level annual payments of $ 7,000 for 5 years plus a final drop payment. All payments are made at the end of each year. The interest rate is assumed as continuous with the force of interest = 0.08 flat rate for 5 years. Calculate the final drop payment.
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