A contractor decided to borrow $7000 from a bank in order to buy an equipment for his company. The bank allows him pay back his loan in five years at a monthly interest rate of 2%. the farmer can pay $71 per month but can increase his monthly payment by a certain value in arithmetic way (G value). What should be the G value so that he finished the loan by the end of five years? O $ 243326.21 O $ 4531.98 $ 3.00 $ 5.50 O $ 9468.02
A contractor decided to borrow $7000 from a bank in order to buy an equipment for his company. The bank allows him pay back his loan in five years at a monthly interest rate of 2%. the farmer can pay $71 per month but can increase his monthly payment by a certain value in arithmetic way (G value). What should be the G value so that he finished the loan by the end of five years? O $ 243326.21 O $ 4531.98 $ 3.00 $ 5.50 O $ 9468.02
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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