Answered: You take out a loan in the amount of…

You take out a loan in the amount of $271,000 with annual equal repayments over the next 20 years. What is the balance of the loan after the 5th payment?i- 9%. Balance of the loan

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 18P

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Question

You take out a loan in the amount of $271,000 with annual equal repayments over the next 20 years. What is the balance of the
loan after the 5th payment? i - 9%.
Balance of the loan

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Calculation of present value of remaining annual payments

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