Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 6FPE
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Question
a loan is repaid by the amortization method at an effective annual rate of interest of 5.24Q% with level payments of 750 at the end of each year for n years. find the term of the loan n if the amount of interest paid in the 10th payment is 300
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