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Loan of 12500 is made at an effective interest rate of 8.5%. Payments are made at the end of each interest period. Each payment equals
Loan of 12500 is made at an effective interest rate of 8.5%. Payments are made at the end of each interest period. Each payment equals twice the interest due until the borrower pays off the outstanding debt with a final payment of at most, 1800. Find the number of payments n and the amount of the final payment
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ANSWER IN BACK OF BOOK IS: n = 24 , 1758.02
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