Question
Tom borrows money to buy a new piano. He agrees to pay back the loan with level annual payments at the end of each year
Tom borrows money to buy a new piano. He agrees to pay back the loan with level annual payments at the end of each year for 30 years. The annual interest rate is 7%. The interest in his 10th payment is 366.74. What is the interest in his 20th payment?
(A)221.86 (B)229.64 (C)244.18 (D)250.72 (E)253.80
Don't use Excel
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Airline Finance
Authors: Peter S. Morrell
3rd Edition
0815387520, 9780815387527
