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What should be the G value

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Reference no: EM133012477

Problem - A contractor decided to borrow $7000 from a bank in order to buy an equipment for his company. The bank allows him pay back his loan in five years at a monthly interest rate of 7%. The farmer can pay $90 per month but can increase his monthly payment by a certain value in arithmetic way (G value). What should be the G value so that he finished the loan by the end of five years?

Reference no: EM133012477

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