Business, 30.10.2019 02:31 youby

Kevin takes out a 10-year loan of l, which he repays by the amortization method at an annual effective interest rate of i. kevin makes payments of 1000 at the end of each year. the total amount of interest repaid during the life of the loan is also equal to l. calculate the amount of interest repaid during the first year of the loan.

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Kevin takes out a 10-year loan of l, which he repays by the amortization method at an annual effecti...