Johnna and aaron borrowed 10000 at 10 interest compounded, Ask an Expert

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Johnna and Aaron borrowed $10,000 at 10% interest compounded annually. They pay the loan off over a 5 year period with annual payments. Each successive payment is 5% greater than the previous payment. How much was the second payment?

You MUST use the compounding tables and show your factor notation or you will not receive credit. It may also help for you to draw a cash flow diagram.

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Financial Management, Finance

Category:- Financial Management
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