What is the amount of the last payment

Reference no: EM131956761

Question: A company borrows $5,000 at an interest rate of 10% per year and repays the loan over 6 years in the following set of payments each year starting from the end of year 1 through end of year 5: $800, $800, $200, $800, $800. What is the amount of the last payment (at the end of year 6) so that the loan is paid off?

Reference no: EM131956761

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