9- A loan in the amount of 800-000 is repaid by 20 end of year payment.pdf

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9. A loan in the amount of 800,000 is repaid by 20 end of year payments of 55,000. The annual effective interest rate on the loan is i . For the first 14 years, the payments are made as scheduled. At the end of 15 years however, the borrower decides to erase the balance with a single payment of X . Find X ..

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