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  3. a 10 year loan is being repaid with payments at th

A 10 year loan is being repaid with payments at the end of each year...

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Finance

  1. A 10 year loan is being repaid with payments at the end of each year in the following manner. The first payment is $5,000 and each subsequent payments decreases by $400. Find the original amount borrowed. Assume i(4) = 6%.

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