Karen plans to repay a loan with an effective rate of, Ask an Expert

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Karen plans to repay a loan with an effective rate of interest of 4.5% by annual payments. The first payment of $1100 comes one year from now, and each subsequent payment is $170 larger than the previous. If she will make 23 total payments, what is the original amount of the loan?

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Financial Management, Finance

Category:- Financial Management
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