Mathematics, 09.04.2020 02:24 arielpraczko1

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: 1

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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...