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Problem #3: A loan of amount $16720.82 is repaid in 15 annual payments beginning 1 year after the loan is made. The first 6 payments are $1000 each, and the final 9 payments are each $2000. Interest is at an effective annual rate of 4.2%. What is the amount of the principal repayment in the 6th payment? Problem #3: 329.49 Answer correct to 2 decimals.

Problem #3: A loan of amount $16720.82 is repaid in 15 annual payments beginning 1 year after the loan is made. The first 6 payments are $1000 each, and the final 9 payments are each $2000. Interest is at an effective annual rate of 4.2%. What is the amount of the principal repayment in the 6th payment? Problem #3: 329.49 Answer correct to 2 decimals.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 1EB: Everglades Consultants takes out a loan in the amount of $375,000 on April 1. The terms of the loan...
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Problem #3: A loan of amount $16720.82 is repaid in 15 annual payments beginning 1 year after the loan is made. The first 6 payments are $1000 each, and the final 9 payments are each $2000. Interest is at an effective annual rate of 4.2%. What is the amount of the principal repayment in the 6th payment? Problem #3: 2/2V 329.49 Answer correct to 2 decimals. A
Transcribed Image Text:Problem #3: A loan of amount $16720.82 is repaid in 15 annual payments beginning 1 year after the loan is made. The first 6 payments are $1000 each, and the final 9 payments are each $2000. Interest is at an effective annual rate of 4.2%. What is the amount of the principal repayment in the 6th payment? Problem #3: 2/2V 329.49 Answer correct to 2 decimals. A
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