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Today you obtain from the bank a loan of 12000$ to be repaid with 5 annual installments at the rate i = 13%. (1) Determine
Today you obtain from the bank a loan of 12000$ to be repaid with 5 annual installments at the rate i = 13%. (1) Determine the installment (F P). (2) Imagine after 2 years you realize that you need a further 12000$ and you turn to the bank. What will be the new installment to pay?
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