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Ella takes out a ten-year loan. The loan is repaid by making ten annual repayments at the end of each year. The first lo
Posted: Sun Jun 05, 2022 7:24 am
by answerhappygod
- Ella Takes Out A Ten Year Loan The Loan Is Repaid By Making Ten Annual Repayments At The End Of Each Year The First Lo 1 (24 KiB) Viewed 53 times
Ella takes out a ten-year loan. The loan is repaid by making ten annual repayments at the end of each year. The first loan repayment is equal to X, with each subsequent repayment 10.16% greater than the previous year's repayment. The annual effective interest rate being charged on the loan is 8%. The amount of interest repaid during the first year is equal to 999.10. Calculate X. Possible Answers A 1,100.83 B 1,150.92 c 1,200.61 D 1,231.79 E 1,302.05