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What is X if the Declining Balance Method is used

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Question - A man receives a loan of $X. A payment of $682 is made 90 days later. A second payment of $771 is paid 180 days after the first payment. A third payment of $418 is due 49 days after the second payment, after which the loan balance is 0. The loan is charged a simple interest rate of r = 4.75%. What is X, if the Declining Balance Method is used?

Reference no: EM132857052

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