If the interest rate on the loan is 174 percent per year, Financial Management

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If the interest rate on the loan is 174 percent per year

Jens just took out a loan from the bank for 25,550 dollars. He plans to repay this loan by making a special payment to the bank of 5,470 dollars in 4 years and by also making equal, regular annual payments of X for 7 years.

If the interest rate on the loan is 17.4 percent per year and he makes his first regular annual payment in 1 year, then what is X, Jens's regular annual payment?

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Financial Management: If the interest rate on the loan is 174 percent per year

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Financial Management: If the interest rate on the loan is 174 percent per year

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