You take a 5000 loan with an interest rate of 10 and pay

Reference no: EM13616566

You take a $5,000 loan with an interest rate of 10% and pay off a constant principal portion of $200 every year. Use the arithmetic progression.

1. Find the interest payment during the 17th year. (a17 = ?)
2. What is the total amount of interests for 20 years? (S20 = ?)

Reference no: EM13616566

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