3. The initial payment to a loan was to be $513 and the difference between successive payments was to be $6,530 forming
Posted: Wed Jul 06, 2022 5:58 am
3. The initial payment to a loan was to be $513 and thedifference between successive payments was to be $6,530 forming anincreasing arithmetic progression. But the loan was renegotiated toprovide for the payment of equal rather than uniformity varyingsums. If the interest rate of the loan was 9.76%, what was theequivalent annual payments if the payment is to be made for 6years?