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A woman arranges to repay a $1,000 bank loan in 10 equal annual payments at a 10% effective annual interest rate starting on the sixth
A woman arranges to repay a $1,000 bank loan in 10 equal annual payments at a 10% effective annual interest rate starting on the sixth year.
a. If the woman paid the amount calculated in a on the 5th and 6th year, but failed to pay for the obligations on the 8 th and 9 th year, how much does he need to pay every year in addition to the annual payment to compensate for the unpaid amount?
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