Business, 06.12.2021 23:40 VICTURN3666
A loan of $1,000 is to be repaid by annual installments at the end of each year for 21 years using the following schedule: In years 1 through 10, the installment is $50. In years 11 through 20, the installment is $100. In year 21, the installment equals the balance amount required to liquidate the loan. Interest is at a 5% annual effective rate.
Required:
What ranges does the amount of principal included in the 12th installment lie?
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A loan of $1,000 is to be repaid by annual installments at the end of each year for 21 years using t...
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