Determine the number of payments required

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Reference no: EM131297413

A loan of WOO is to be repaid by annual payments of 100 to commence at the end of year and to continue thereafter for as long as necessary. If the loan cannot be repaid using integer number of regular payments, we simply pay the smaller additional balance with the last regular payment. Determine the number of payments required, and the final payment (also called a balloon payment) if the final payment to be larger than the regular payments.

Reference no: EM131297413

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