For a principal borrowed under %14 nominal interest rate, compounded annually, a bank offers two alternative payment plans in gradient series with 35 years of payment horizon Base payment of $1000 at the end of the first year, and at the end of every next year, the payment size will be increased by $25 compared to the previous year. Base payment of $800 at the end of the first year, and at the end of every next year, the payment size will be increased by a constant $x compared to the previous year. What is x? Choose the closest value to your answer.
For a principal borrowed under %14 nominal interest rate, compounded annually, a bank offers two alternative payment plans in gradient series with 35 years of payment horizon
Base payment of $1000 at the end of the first year, and at the end of every next year, the payment size will be increased by $25 compared to the previous year.
- Base payment of $800 at the end of the first year, and at the end of every next year, the payment size will be increased by a constant $x compared to the previous year.
What is x? Choose the closest value to your answer.
For a principal borrowed under %14 nominal interest rate, compounded annually, a bank offers two alternative payment plans in gradient series with 35 years of payment horizon
Base payment of $1000 at the end of the first year, and at the end of every next year, the payment size will be increased by $25 compared to the previous year.
- Base payment of $800 at the end of the first year, and at the end of every next year, the payment size will be increased by a constant $x compared to the previous year.
What is x?
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