You just borrowed $109,276. You plan to repay this loan by making X regular annual payments of $13,410 and a special payment of $28,400 in 10 years. The interest rate on the loan is 13.84 percent per year and your first regular payment will be made today. What is X? Input instructions: Round your answer to at least 2 decimal places.

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 8EB: You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how...
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You just borrowed $109,276. You plan to repay this loan by making X regular annual payments of $13,410 and a special payment
of $28,400 in 10 years. The interest rate on the loan is 13.84 percent per year and your first regular payment will be made today. What
is X?
Input instructions: Round your answer to at least 2 decimal places.
Transcribed Image Text:You just borrowed $109,276. You plan to repay this loan by making X regular annual payments of $13,410 and a special payment of $28,400 in 10 years. The interest rate on the loan is 13.84 percent per year and your first regular payment will be made today. What is X? Input instructions: Round your answer to at least 2 decimal places.
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