Suppose you have a loan of amount P, and you plan to pay off the...
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Accounting
Suppose you have a loan of amount P, and you plan to pay off the debt in 10 equal annual installments. Suppose the annual compounding rate is r. Suppose you have paid six installments and you want to pay off the rest at the time the 7th installment is due. How much do you need to pay at that time? (Express your answer in terms of the variables in the problem P and r and simplify your answer.)
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