Business, 03.08.2020 14:01 dilly2277

A $20,000 loan with interest at 3.5% is being repaid by 35 level annual payments. The first payment is due one year after the loan is issued. Beginning with the seventeenth payment, the borrower is permitted to pay only one-third the normal annual payment. After the twelfth reduced payment, the loan is renegotiated. The revised level payment P will yield the lender 4% per year over the remaining seven years. Find P.

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A $20,000 loan with interest at 3.5% is being repaid by 35 level annual payments. The first payment...

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