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PLEASE SHOW ALL WORK AND DO NOT USE EXCEL 5) You are loaned $100,000 and pay this back by making constant payments at the end

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PLEASE SHOW ALL WORK AND DO NOT USE EXCEL

5) You are loaned $100,000 and pay this back by making constant payments at the end of each year for 40 years. If effective annual interest is i=3% then find when the outstanding balance first falls below $50,000

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