What payment needs to be made at the end of each year

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Reference no: EM133630024

Question

1. A loan is repaid with payments of $4062 made at the end of each quarter for 17 years. If interest on the loan is 4.7%, compounded monthly, what is the initial value of the loan?

2. What payment needs to be made at the end of each year to accumulate $36924 over 19 years at 11.9% compounded monthly?

Reference no: EM133630024

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