A customer repays a loan of 22,000 that has an annual effective interest rate of 5.15% by making payments of 2,200 at the end of each year for 11 years, followed by payments of 1,000 at the end of each year for as long as necessary, until A final payment of X of less than 1,000, made one year after the last regular payment of 1,000, repays the loan. Find X.

A customer repays a loan of 22,000 that has an annual effective interest rate of 5.15% by making payments of 2,200 at the end of each year for 11 years, followed by payments of 1,000 at the end of each year for as long as necessary, until A final payment of X of less than 1,000, made one year after the last regular payment of 1,000, repays the loan. Find X.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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