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Posted on May 19, 2024

You take out a $ 1 0 million loan to construct a new city hall. The term is 5 years and the annual interest rate

You take out a $

10

million loan to construct a new city hall. The term is

5

years and the annual interest rate is

4 % .

At the end of each of the first four years you make payments of $

2

million and agree to pay the balance at the end of year

5 .

What will be that balance due at the end of year

5 ?

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