A twenty-year loan of $15,000 is being repaid with payments of X every other year beginning at the end of the second year, and with additional payments of $3,000 each at the ends of years 3, 9, and 15. The effective annual interest rate is 4%. Calculate the payment amount X. A. 1310 B. 1285 C. 1055 D. 860 E. 630 someone help?

A twenty-year loan of $15,000 is being repaid with payments of X every other year beginning at the end of the second year, and with additional payments of $3,000 each at the ends of years 3, 9, and 15. The effective annual interest rate is 4%. Calculate the payment amount X. A. 1310 B. 1285 C. 1055 D. 860 E. 630 someone help?

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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