Determine the size of the payments

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Reference no: EM131806961

Contributed by Hamed Kashani, Saeid Sadri, and Baabak Ashuri, Georgia Institute of Technology The manager of a small cleaning company applies for a $25,000 loan at an interest rate of 10% per year. He will repay the loan over 6 years with annual payments. The third through sixth payments are $1500 greater than the first two. Determine the size of the payments.

Reference no: EM131806961

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