a 4% loan of $20,000 is to be repaid by level annual installments. The principal on the 4th installment is $450. Find the amount of each installment. Answer is $1200.05. NO EXCEL!!!
Let x be the annual installment
Hence,
x-0.04*(20000*1.04^3-x/0.04*(1.04^3-1))=450
=>x=400/1.04^3+800
=>x=1200.05
a 4% loan of $20,000 is to be repaid by level annual installments. The principal on...
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