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Please show the steps, I tried different ways but turly have no idea how to get the right answer 85, A 30-year annuity is arranged
Please show the steps, I tried different ways but turly have no idea how to get the right answer
85, A 30-year annuity is arranged to pay off a loan taken out today at a 5% annual effective interest rate. The first payment of the annuity is due in ten years in the amount of 1,000. The subsequent payments increase by 500 each year Calculate the amount of the loan. Answer: 64,257Step by Step Solution
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Microfinance Handbook An Institutional And Financial Perspective
Authors: Joanna Ledgerwood
1st Edition
0821343068, 978-0821343067
