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Determine the revised amount of the last installment

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Reference no: EM132758318

Problem - A loan is being repaid by 15 annual instllments of 1000 each. Interest is at an effec- tive annual rate of 5%. Immediately after the ?fth installment is paid, the loan is renegotiated. The revised amortization schedule calls for a sixth installment of 800, a seventh installment of 800 + K, with each subsequent installment increasing by K over the previous payment. The period of the loan is not changed. Determine the revised amount of the last installment.

Reference no: EM132758318

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