A loan is repaid with payments which start at $400 the first year and increase by...

A loan is repaid with payments which start at $400 the first year and increase by $60 per year until a payment of $1240 is made, at which time payments cease. If interest is 5% effective, find the amount of principal in the 6th payment.

Expert Solution

with show formula

Thus Answer is $ 334.78 (approx)

jeff jeffy answered 1 month ago

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