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An amortized loan is repaid with annual payments which start at $550 at the end...

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Accounting

An amortized loan is repaid with annual payments which start at $550 at the end of the first year and increase by $ 50 each year

until a payment of $ 2,000 is made, after which they cease. If interest rate is 4% effective, find the amount of principal in the tenth

payment.

would prefer to understand the financial mathematics behind obtaining the solution, not using excel spreadsheet or financial calculator online

Answer & Explanation Solved by verified expert
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