Problema 30-year loan of 1000 is repaid with payments at, Ask an Expert

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Problem:

A 30-year loan of $1000 is repaid with payments at the end of each year. Each of the first ten payments is $80. Each of the next ten payments equals 80% of the amount of interest due. Each of the last ten payments equals the amount of interest due plus $X. The lender charges interest at an annual effective interest rate of 10%. Calculate X.

Please show all computations and formulas.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91147122

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