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You borrow X for 10 years at an annual effective interest rate of i = 6%. If you pay the loan amount and accumulated interest at the end of 10 years in one payment you would pay 356.54 more than if you made 10 level payments at the end of each year. Find X.

You borrow X for 10 years at an annual effective interest rate of i = 6%. If you pay the loan amount and accumulated interest at the end of 10 years in one payment you would pay 356.54 more than if you made 10 level payments at the end of each year. Find X.

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You borrow X for 10 years at an annual effective interest rate of i = 6%. If you pay the loan amount and accumulated interest at the end of 10 years in one payment you would pay 356.54 more than if you made 10 level payments at the end of each year. Find X.
Transcribed Image Text:You borrow X for 10 years at an annual effective interest rate of i = 6%. If you pay the loan amount and accumulated interest at the end of 10 years in one payment you would pay 356.54 more than if you made 10 level payments at the end of each year. Find X.
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