A loan of 12500 is made at an effective interest rate of 85, Ask an Expert

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A loan of $12,500 is made at an effective interest rate of 8.5%. Payments are made at the end of each interest period. Each payment equals twice the interest due until the borrower pays off the outstanding debt with a final payment of, at most, $1,800. Find the number of payments n and the amount of the final payment.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91590502

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