Answer the given problem on a clean sheet of paper. Take a photo of your answer and solution then upload here. A loan was to be amortized by a group of four end-of-year payments forming an ascending arithmetic progression. The initial payment was P5,000 and the difference between successive payments was P400. But the loan was renegotiated to provide for the payment of equal rather than uniformly varying sums. If the interest rate of the loan was 15%, what was the annual payment?

Answer the given problem on a clean sheet of paper. Take a photo of your answer and solution then upload here. A loan was to be amortized by a group of four end-of-year payments forming an ascending arithmetic progression. The initial payment was P5,000 and the difference between successive payments was P400. But the loan was renegotiated to provide for the payment of equal rather than uniformly varying sums. If the interest rate of the loan was 15%, what was the annual payment?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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