Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 19PROB
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May-Eliane borrowed $1.7 million from the bank to buy some machinery for her farm. She agreed to pay the bank $18000 per month. The interest rate is 4.5% per annum, compounded monthly, and the loan is to be repaid in 10 years. a Let A, be the balance of the loan after n months. find series expression for An
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