PV Of Annuity = PMT x PVIFA (N,I)
PV = 12000
PMT = 400
N = 55
I = ??
12000 = 400 x PVIFA (55,I)
PVIFA (55,I) = 12000/400
PVIFA (55,I) = 30
Looking at PVIFA table, when N = 95, find the I where the value corresponds to 30
I = 2.46%
Use the formula for the present value of an ordinary annuity or the amortization formula to...
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