Mathematics, 20.03.2020 22:51 Justadumbemo

A 20-year loan of 1000 is repaid with payments at the end of each year. Each of the first ten payments equals 150% of the amount of interest due. Each of the last ten payments is X. The lender charges interest at an annual effective rate of 10%. Calculate X.

(A) 32
(B) 57
(C) 70
(D) 97
(E) 117

Answers: 3

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A 20-year loan of 1000 is repaid with payments at the end of each year. Each of the first ten paymen...