You have a 35-year loan that is being paid in installments of 2,000 at the end of each year at an effective annual rate of 6%. Immediately after the 29th installment, the loan is renegotiated by keeping the period of the loan and the interest unchanged but the payments will change from now on to be 1700, 1700 + x, 1700 + 2x, . . . , 1700 + 5x. Find x

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Q: The interest rate is 10%.  There is a 2-year loan with two specific payments:  $110 to be paid next…

A: Given: Interest rate =10%Payment made in next year)=$110 Payment made in two years=$500

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A:

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