Jens just took out a loan from the bank for 59,516 dollars. He plans to repay this loan by making a special payment to the bank of 5,460 dollars in 3 years and by also making equal, regular annual payments of X for 7 years. If the interest rate on the loan is 11.84 percent per year and he makes his first regular annual payment in 1 year, then what is X, Jens’s regular annual payment?

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To solve this problem we can use the concept of present value of an annuity An annuity is a series o... View the full answer