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You're considering purchasing an airplane for $162,257. You expect to pay an immediate down-payment of $32,928, and finance the difference (via borrowing from a bank).
You're considering purchasing an airplane for $162,257. You expect to pay an immediate down-payment of $32,928, and finance the difference (via borrowing from a bank). You'll make annual payments to pay back the loan. Your bank is charging an annual interest (discount) rate of 9.2%. Payments will be made annually. The first payment will be made immediately. There will be a total of 16 payments. The size of the annual payments will grow each year by 2.2%. Determine the size of the 10th overall payment
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