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A borrower is repaying a loan with 10 annual installments

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A borrower is repaying a loan with 10 annual installments of $2000. Half of the loan is repaid by the amortization method at an effective rate of i=0.06. The other half of the loan is repaid by the sinking fun method in which the lender receives i=0.06 and the sinking fun accumulates at i=0.05. Find the amount of the loan to the nearest dollar.

Reference no: EM13622966

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