If the effective annual interest rate is 7 what should be
You loan your friend $10,000 today. She will pay you $1000 per year for the first five years, and will make five more equal yearly payments. If the effective annual interest rate is 7% what should be the size of these payments?
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you loan your friend 10000 today she will pay you 1000 per year for the first five years and will make five more equal
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