Determine the lump sum amount to pay back

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Reference no: EM13208173

you borrowed $10000 from a local bank with the agreement that you will pay back the loan in five years the pay back plan includes two parts: a graduated payment plan with the first payment set at 1500 at year 1 and a gradient of $600 afterward, plus a remaining lump sum at end of year 5. determine the lump sum amount so that the pay back is completed in full, considering the interest rate is 10%

Reference no: EM13208173

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