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with explanation! Please 6. Alex loans Bob $5,000 at an annual effective interest rate of 4%. They agree that Bob will make annual end-of-year payments

with explanation! Please
6. Alex loans Bob $5,000 at an annual effective interest rate of 4%. They agree that Bob will make annual end-of-year payments of $600 to repay the loan except for the last payment which will be a drop payment. Find total length of the loan and the amount of the final payment

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Intermediate Financial Management

Authors: Eugene F. Brigham, Phillip R. Daves

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