Timmy borrows $10,000 and agree to make annual payments for five years (beginning one year after taking out the loan) ac
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Timmy borrows $10,000 and agree to make annual payments for five years (beginning one year after taking out the loan) ac
Timmy borrows $10,000 and agree to make annual payments for five years (beginning one year after taking out the loan) according to the following schedule: $1,000; $2,000; $3,000; $2,000, and $_____ . Timmy's fifth annual payment will be used to pay off the remaining balance of the loan. Given the interest rate is 7% compounded annually, determine Timmy's fifth payment?
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