A 30-year loan of 1,000 is repaid with payments at the end of each year. Each...

A 30-year loan of 1,000 is repaid with payments at the end of each year. Each of the first ten payments equals the amount of interest due. Each of the next ten payments equals 150% of the amount of interst due. Each of the last ten payments is X. The lender charges interest at an annual effective rate of 10%. Calculate X.

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jeff jeffy answered 1 year ago

a 30 year loan of 1000 is repaid with payments at the end of each year....

a 30 year loan of 1000 is repaid with payments at the end of each year. Each of the first 10 payments equals the amount of interest due. Each of the next 10 payments equals 150% of the amount of interest due. Each of the last 10 payments is X. The lender charges interest at an effective annual rate of 10%. Calculate X. please explain, having much trouble with this problem, Thanks!

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