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On 1/1/2021, Green Ltd. borrowed $50,000 from XYZ Bank for 5 years at 4%. Equal payments comprised of principal and interest are due each December
On 1/1/2021, Green Ltd. borrowed $50,000 from XYZ Bank for 5 years at 4%. Equal payments comprised of principal and interest are due each December 31. What is the annual payment rounded to the nearest dollar due each December 31? The Present Value of an Ordinary Annuity factor for 5 periods at 4% equals 4.45182 (Please see the Libby text table E-2)
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John E Freunds Mathematical Statistics With Applications
Authors: Irwin Miller, Marylees Miller
8th Edition
978-0321807090, 032180709X, 978-0134995373
