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Mark repays a loan with 10 annual payments of $ 1,000. The loan is repaid under the sinking fund method; the lender receives 6% effective
Mark repays a loan with 10 annual payments of $ 1,000. The loan is repaid under the sinking fund method; the lender receives 6% effective on the investment and the interest credited in the sinking fund is 3% effective. Find the loan amount.
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Introduction To Finance
Authors: Lawrence J Gitman, Jeff Madura
1st Edition
0201635372, 9780201635379
