A $10,000 loan amortized over 5 years at an interestrate
Chapter 7, Problem 7.2(choose chapter or problem)
A $10,000 loan amortized over 5 years at an interestrate of 10% per year requires payments of$2638 to completely remove the loan when interestis charged on the unrecovered balance of the principal.If interest is charged on the original principalinstead of the unrecovered balance, what is theloan balance after 5 years, provided the same$2638 payments are made each year?
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