Kenworth Imaging got a $700,000 loan that camewith a
Chapter 3, Problem 3.20(choose chapter or problem)
Kenworth Imaging got a $700,000 loan that camewith a choice of two different repayment schedules.In Plan 1, the company would have to repay the loan in 4 years with four equal payments at aninterest rate of 10% per year. In Plan 2, the companywould repay the loan in 3 years, with eachpayment twice as large as the preceding one. Howmuch larger in dollars was the final payment inPlan 2 than the final payment in Plan 1?
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