1. A 15 year loan of 1,000 is repaid with payments at the end of the year. Each of the first 10 payments equals 140% of the amount of interest due. Each of the last 10 payments is X. The lender charges interest at 10% annually. Calculate X. (A) 82 (B) 83 (C) 84 (D) 86 (E) 88
1. A 15 year loan of 1,000 is repaid with payments at the end of the year. Each of the first 10 payments equals 140% of the amount of interest due. Each of the last 10 payments is X. The lender charges interest at 10% annually. Calculate X. (A) 82 (B) 83 (C) 84 (D) 86 (E) 88
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 19E
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![1. A 15 year loan of 1,000 is repaid with payments at the end of the year.
Each of the first 10 payments equals 140% of the amount of interest due. Each
of the last 10 payments is X. The lender charges interest at 10% annually.
Calculate X.
(A) 82 (B) 83 (C) 84 (D) 86 (E) 88](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F64222d43-376b-40c8-a37a-41bd5c8409ed%2F33fc91df-f746-4abc-b875-6bc6da08620f%2Fxbrbcow_processed.png&w=3840&q=75)
Transcribed Image Text:1. A 15 year loan of 1,000 is repaid with payments at the end of the year.
Each of the first 10 payments equals 140% of the amount of interest due. Each
of the last 10 payments is X. The lender charges interest at 10% annually.
Calculate X.
(A) 82 (B) 83 (C) 84 (D) 86 (E) 88
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