A loan of 16800 dollars is to be repaid in annual installments of 2000 dollars, the first due in one year, followed by a final smaller payment. If the effective rate of interest is 8.2 percent, what is the outstanding balance owed immediately after the 5th payment? Thank you
A loan of 16800 dollars is to be repaid in annual installments of 2000 dollars, the first due in one year, followed by a final smaller payment. If the effective rate of interest is 8.2 percent, what is the outstanding balance owed immediately after the 5th payment? Thank you
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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A loan of 16800 dollars is to be repaid in annual installments of 2000 dollars, the first due in one year, followed by a final smaller payment. If the effective rate of interest is 8.2 percent, what is the outstanding balance owed immediately after the 5th payment? Thank you!
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