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Suppose you borrow $20,000 at an annual rate of 6% and must repay it in 6...

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Finance

Suppose you borrow $20,000 at an annual rate of 6% and must repayit in 6 equal installments at the end of each of the next 6 years.How much will you still owe at the end of the second year, afteryou make the second payment?

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Answer Amount borrowed 20000 Annual rate 6 Payable in 6 equal installments at the end of each year Annual payment P R 1 R N 1RN1 where P Amount borrowed    See Answer
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Suppose you borrow $20,000 at an annual rate of 6% and must repayit in 6 equal installments at the end of each of the next 6 years.How much will you still owe at the end of the second year, afteryou make the second payment?

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