Please find answer for (1) Assume that you borrow 2 million USD from some bank under the system of 6% yearly compound in

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answerhappygod
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Please find answer for (1) Assume that you borrow 2 million USD from some bank under the system of 6% yearly compound in

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Please find answer for (1)
Assume that you borrow 2 million USD from some bank under thesystem of 6% yearly compound interest
and repay 150,000 USD every year.
Then, the unpaid balance after the n-th payment is given by theformula.
So, you will pay off at the (1) thpayment.
Hint: Calculate 1.06 to the n-th power, n=1,2,3,... by thecalculator.
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