
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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You have borrowed $20,000 at an interest rate at 10% compounded annually. Equal payments will be made over a three-year period with each payment made at the end of the corresponding year. What is the amount of the annual payment? What is the interest payment for the second year?
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