Sue loans Betty an amount L, which is repaid by 30 equal annual payments based on a 7 percent amortization schedule.

Sue remits each payment into a fund earning 6 percent.

The accumulated value of the fund immediately following the final deposit is 48,420.

You are given:

(i)s30|0.06=79.058 (ii)s30|0.07=94.461

Calculate L.

Sue loans Betty an amount L, which is repaid by 30 equal annual payments based on a 7 percent amortization schedule. Sue remits each payment into a fund earning 6 percent. The accumulated value of the fund immediately following the final deposit is 48,420. You are given: 79.058 (i) $300.06 (ii) $ 300.07 = 94.461 Calculate L. A 7,300 7,400 7,500 D 7,600 E 7,700