A loan is repaid with equal annual payments of $350 at the end of each year...

Question

Question

A loan is repaid with equal annual payments of $350 at the end of each year for 10 years. AEIR=5% for the first five years an

Answer 1

Answer #1

Total Payment is $3500 while the loan amount would have been $2931.30. Calculation as under:

Answer 2

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